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The recent data from the euro area solidify the confidence in the European Central Bank’s (ECB) baseline economic scenario, ECB Governing Council member Klaas Knot said on Friday, as reported by Reuters.

“Balance of risks has become more favourable,” Knot added. “Governments could spend more to offset the surge in private savings.”

Market reaction

These comments don’t seem to be having a significant impact on the shared currency’s performance. As of writing, the EUR/USD pair was down 0.12% on the day at 1.1225. Meanwhile, the Euro Stoxx 50 Index was down 0.8% on the day at 3,293 points.