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German Finance Minister Olaf Scholz said on Friday that they have agreed in the European Council on the safety net.

“In total 250 billion euros in timely, targeted support will be available,” Scholz added. “The100 billion euros safety net for workers will become available all member states provide guarantees.”

Additional takeaways

“The pan-European guarantee fund needs to be ready very soon.”

“Means of funds should be timely and targeted to groups most hit by the crisis.”

“There should be strong focus on green investments, digitalisation.”

“Europe stands united to get through crisis in good shape.”

Market reaction

The EUR/USD pair rose sharply in the last hour and was last seen gaining 0.33% on the day at 1.0838.