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“There has been quite a robust recovery in the eurozone economy,” European Central Bank policymaker Gabriel Makhlouf said on Monday but noted that the impact of the pandemic will be around for a lot of 2021.

“Lenders will need to start thinking about restructuring loans if borrowers need assistance beyond payment breaks,” Makhlouf added and noted that the policy settings are where they should be. “Businesses need a longer-term plan.”

Market reaction

The EUR/USD pair largely ignored these comments and was last seen gaining 0.27% on the day at 1.1877.