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Commenting on German court’s decision to hand a 3-month ultimatum to the European Central Bank (ECB) to justify its stimulus scheme, German Finance Minister Olaf Scholz said that Bundesbank could take part in the programme for the time being.

“The ruling allows the ECB to make purchases in principle,” Scholz added and announced that they will be making a decision on the stimulus programme in June. “We will find ways to make sure that what needs to be done in Europe gets done.”

Market reaction

The EUR/USD pair recovered modestly on these comments but was last seen down 0.5% on the day at 1.0850.