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The European response to coronavirus has been insufficient, ECB Governing Council member Paolo Hernandez de Cos said on Monday.  

Additional takeaways

“The coronavirus shock will last longer than initially expected.”

“A premature withdrawal of emergency fiscal measures would increase the risk of a more durable hit to economic growth.”

“The fiscal response has to be the first line of defense.”

“The ECB has to act to avoid fragmentation among eurozone countries.”

Market reaction

The EUR/USD pair largely ignored these comments and was last seen losing 0.06% on the day at 1.0808.