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The eurozone bailout fund, the European Stability Mechanism (ESM), strongly supports the Franco-German recovery fund proposal, European Commission Vice President Valdis Dombrovskis said on Tuesday.

“Apart from the cash for recovery, the Commission will propose instruments for structural reforms,” Dombrovskis added, as reported by Reuters.

Market reaction

The Euro Stoxx 50 Index recovered modestly after these remarks and was last seen losing 0.2% on the day at 2,905.65 points. Meanwhile, the EUR/USD pair clings to modest daily gains near 1.0950.