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The German chancellor Angela Merkel has threatened  a federal takeover of the pandemic fight

Key notes

Now need curfews, contact restrictions.
May use federal law to tighten german curbs.

”We have our emergency brake … unfortunately, it is not respected everywhere. I hope that there might be some reflection on this,” Merkel said in a rare appearance on broadcaster ARD’s Anne Will talkshow.

“What additional measures do we need? … We need to do more. We have the possibilities of restrictions on going out, further contact restrictions, further mask wearing … plus testing strategies in all places: so in schools twice a week, and through the economy”.

Market implications

The news should be a weight on an already pressured euro at the start of the week which has started to correct the bearish daily impulse.