The € 750 billion recovery fund from the European Union (EU) should be temporary, the member of the Governing Council of the European Central Bank (ECB) and head of the Dutch central bank said on Tuesday, Klass Knot, who added that a complementary distribution of risks is necessary through private markets.
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“A Europe that is held together through large transfers of public funds is vulnerable from a political perspective “.
“The need to share complementary risks through private markets remains high.”
“Banks will surely be affected by the crisis as their loan books deteriorate, which make it difficult to extend credit“.
EUR/USD mira 1.1700
EUR / USD is extending its advance towards 1.1700, mainly supported by renewed weakness in the US dollar across the board.
Investors are repositioning their dollar positions ahead of the outcome of the US elections to be held on Wednesday. At press time, the pair is up 0.38% to 1.1683.
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Credits: Forex Street
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