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The coronavirus crisis requires unprecedented forceful, co-ordinated and ambitious action by all governments in the EU, Central Bank of Ireland Governor and European Central Bank (ECB) policymaker, Gabriel Makhlouf, said on Tuesday.

“Whether this action is through a coronabond, ESM or something else, I’m agnostic,” Makhlouf added. “Targeted measures to support households and firms are needed, I do not think helicopter money is a tool fit for this particular crisis.”

Market reaction

The EUR/USD pair largely ignored these comments and was last seen trading near 1.0900, adding 1% on a daily basis.