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Eurozone finance ministers have reached a preliminary agreement to boost spending if downside risks materialise, Reuters reported on Friday, citing three EU officials. 

“If downside risks were to materialise, fiscal responses should be differentiated, aiming for a more supportive stance at the aggregate level,” the draft text read according to an official who had access to it, per Reuters.

The agreement is expected to be formalised at a meeting in Brussels on February 17th.

EUR/USD reaction

This headline failed to help the shared currency recover its losses. As of writing, the EUR/USD pair was down 0.18% on the day at 1.0960.