The Euro Feels Confident About the Recovery Plan, But It Will Take Time
The Euro pushed higher after Conte's and Merkel's comments yesterday about the coronavirus recovery fund
Skerdian Meta•Tuesday, July 14, 2020•1 min read
With the lock-downs form the coronavirus which hurt the global economy immensely, governments and central banks across the globe started the largest recovery plans in history. The ECB started the PEPP programme which will account for around EUR1.3 billion, while European politicians are planning for a Europe-wide recovery plan.
Italy needs such a programme really badly, but it won’t be a smooth road until it has passed all EU member states, as always. Italian Prime Minister Antonio Conte was speaking after a meeting with Germany’s Merkel yesterday, but it seems like the Euro took the comments with a bullish bias, since it had a bullish day yesterday:
Conte’s comments:
- Negotiations ahead on EU package very difficult
- EU leaders need to realize urgency of virus package
- Leaders decision must match EU, Franco – German proposals
Merkel’s comments:
- Italy showed remarkable discipline, patients with virus
- Our task is to overcome pandemic with solidarity
- EU positions still far apart on recovery fund, budget
- Supports qualified majority in EU recovery fund
- Italy and Germany agree on basic structure of the EU-proposed recovery fund
- I can’t say if we are going to reach agreement on EU budget and recovery fund at Summit
- EU agreement must be massive response to pandemic
- No member states position endangers overall agreement
- Italian stance on recovery fund is in a hindrance
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Skerdian Meta
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Skerdian Meta Lead Analyst.
Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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