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“The euro economy is not in recession and jobs are still being created,” Belgian central bank chief and ECB Governing Council member Pierre Wunsch told German newspaper Boersen-Zeitung. “My plea is that we should not rush to fire our remaining fiscal ammunition.”

“If there is a risk of a recession, we must do everything possible,” Wunsch explained, as reported by Reuters. “But you also don’t have to act on every negative shock once your forward guidance is properly interpreted by the markets.”

EUR/USD reaction

The EUR/USD pair largely ignored these comments and was last seen trading at 1.1124, adding 0.9% on a daily basis.