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“The European Union needs an agreement on the crisis response in the next 24 hours, failure is not an option,” French Finance Minister Bruno Le Maire said on Wednesday, per Reuters.

“Europe must be able to use the European Stability Mechanism, we need the money it can provide,” Le Maire added. “There is an agreement with Germany and other countries that we need an EU fund to finance the economic recovery.”

Market reaction

The EUR/USD pair largely ignored these remarks and was last seen trading at 1.0875, erasing 0.13% on a daily basis. In the meantime, the Euro Stoxx 50 Index was down 0.88% at 2,832.66 points.