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According to a German newspaper Frankfurter Allgemeine Zeitung (FAZ), Spanish Prime Minister (PM) Pedro Sanchez said Europe needs debt mutualization and a common “Marshall Plan” to recover from the coronavirus pandemic, cited by Reuters.

Separately, the European Union’s (EU) Internal Market Commissioner, Thierry Breton, and European Economics Commissioner Paolo Gentiloni told FAZ that Europe needed to create a European taxpayer fund that could then issue long-term bonds to pay for a recovery from the pandemic.

EUR/USD implications  

The shared currency’s recovery momentum would gather traction should a common “Marshall Plan” is deployed to fight the virus impact. At the press time, EUR/USD trades better bid at 1.0815 as the greenback eased-off multi-day tops reached vs. its main peers.