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Fiscal policy in the euro area is critically important given the hit that the service sector took, Christine Lagarde, President of the European Central Bank (ECB, said on Monday.

Lagarde further explained that the monetary policy cannot be as targeted as the fiscal policy and reiterated that the fiscal package must not be delayed significantly.

Market reaction

These comments don’t seem to be having an impact on market sentiment. As of writing, the EUR/USD pair was up 0.23% on a daily basis at 1.1990.