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“Even a lot of recovery in recent months would still leave the euro area economy in an expected range,” European Central Bank’s (ECB) chief economist Philip Lane said on Tuesday. “The euro area economy is probably growing a little bit,” Lane added.

Regarding the ECB’s Pandemic Emergency Purchase Programme (PEPP), Lane said the benchmark for the PEPP was the capital key. “The whole point of having flexibility is that you can deviate from the capital key.”

Market reaction

These comments had no impact on the shared currency’s performance against its rivals. As of writing, the EUR/USD pair was up 0.7% on the day at 1.0975.