“We are experiencing a major economic shock,” told Isabel Schnabel, Member of the Executive Board of the European Central Bank, to Die Zeit newspaper and reiterated that the ECB is ready to act quickly if necessary. “It seems like all market participants have understood the components of the ECB’s asset purchase programme,” Schnabel added. “The ECB is prepared to do everything within its mandate to counter the market turmoil.” EUR/USD reaction The EUR/USD pair largely ignored these comments and was last seen trading at 1.1010, adding 0.12% on the day. Additional takeaways “Likelihood of a recession significantly increased.” “We are watching current situation very closely to be able to react quickly to new developments.” “The ECB is looking closely at credit markets for companies and governments.” “We need European solidarity, including financially.” “Monetary policy cannot solve this crisis alone.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/CAD surges through 1.4300 mark, fresh multi-year tops amid tumbling oil prices FX Street 2 years "We are experiencing a major economic shock," told Isabel Schnabel, Member of the Executive Board of the European Central Bank, to Die Zeit newspaper and reiterated that the ECB is ready to act quickly if necessary. "It seems like all market participants have understood the components of the ECB's asset purchase programme," Schnabel added. "The ECB is prepared to do everything within its mandate to counter the market turmoil." EUR/USD reaction The EUR/USD pair largely ignored these comments and was last seen trading at 1.1010, adding 0.12% on the day. Additional takeaways "Likelihood of a recession significantly increased." "We are… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.