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Mario Centeno, who leads the Eurogroup of 19 ministers, has recently crossed the wires saying that the fundamentals of the euro area remain strong. Earlier in the hour, the European Commission in its Spring 2019 Economic Forecast announced that it revised the expectation for the GDP growth in the euro area down to 1.2% in 2019 from 1.4% in the previous estimate.

“Europe needs to take political action,” Centeno added.