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The question of the  banking union in the European Union has to be tackled now,  German Finance Minister Olaf Scholz argued on Friday. “We have 2 or 3 years to negotiate and then 2 more years to formulate the  legal text,” Scholz explained.  

Scholz refrained from commenting on Germany’s economic outlook and his remarks were largely ignored by the market participants.

Ahead of the Markit Manufacturing and Services Purchasing Managers’ Index (PMI) data from the United States, the EUR/USD pair is posting small daily losses near 1.1050.