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While delivering a lecture at the University Menendez Pelayo on Tuesday, the European Central Bank (ECB) Vice President Luis De Guindos said that the European banks are unlikely to recover until 2022.

The rate of economic recovery will be a fundamental factor in European banks’ solvency, he added.

Market reaction

The above comments have little to no impact on the euro, as EUR/USD remains at the mercy of the dollar dynamics.

At the press time, the spot trades close to 2020 highs of 1.1916, up 0.32% on a daily basis.