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Germany is planning to introduce a post-coronavirus economic relief package worth €50 billion, German Finance Minister Olaf Scholz said on Friday, per Reuters citing Der Spiegel magazine. Scholz further noted that they were planning to use the reserve intended for dealing with refugees in the stimulus programme.

“The worst possible thing would be to save against the crisis in the middle of a crisis,” Scholz added. “We must do precisely the opposite.”

Market reaction

These comments failed to help the shared currency recover its losses against the greenback. As of writing, the EUR/USD pair was down 0.6% on the day at 1.0792.