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Squaring the circle on the rule of law mechanism for the European Union’s funds is the biggest challenge to implementing the coronavirus recovery deal, European Council President Charles Michel said on Friday.

“The EU must mobilise a lot of money for recovery while protecting the rule of law at the same time,” Michel added, as reported by Reuters.

Additional takeaways

“Not certain there will be new, post-Brexit deal with Britain.”

“Hoping that there will be a deal but not at all cost.”

“Britain must come clean on state aid plans.”

“Level playing field is key and essential.”

Market reaction

These comments don’t seem to be having a significant impact on the shared currency’s performance against its major rivals. As of writing, the EUR/USD pair was down 0.05% on a daily basis at 1.1845.

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