ECB's de Cos: Vulnerabilities of European economies need to be reduced to face future shocks

The European agreement on the recovery fund was satisfying, European Central Bank (ECB) Governing Council member Paolo Hernandez de Cos said on Thursday.

Additional takeaways

"Spain's economic recovery is incipient, incomplete, uncertain and uneven."

"Challenge now is for the funds to help boost recovery."

"Vulnerabilities of European economies need to be reduced to face future shocks while moving on with complete banking union."

"Stimulus measures in Spain to cope with COVID-19 should be extended and re-assessed periodically."

Market reaction

The EUR/USD pair paid little to no mind to these remarks and was last up 0.18% on the day at 1.1589.