Germany's Merkel: Answer to this unprecedented crisis has to be effective

The European Union's response to the unprecedented coronavirus crisis has to be effective, German Chancellor Angela Merkel said on Thursday, as reported by Reuters.

"It would be less good if it took us longer to set up a recovery fund," Merkel added. "I can't imagine not getting there over the course of this summer."

Market reaction

These comments don't seem to be having a significant impact on the shared currency's performance. As of writing, the EUR/USD pair was losing 0.08% on a daily basis at 1.1241.