The exchange rate turned sharply higher last week when leaders from France and Germany initially discussed a further stimulus plan to help out the economies hit hardest by Covid-19.
There was some push back from the original proposal as some member states opposed the idea of providing grants as a form of a stimulus.
The European Union discussed a new package yesterday, worth as much as 750 billion euros, that will be distributed in the form of grants and loans. Italy and Spain are expected to be the main beneficiaries of the package, set to receive 81.8 billion euros and 77.3 billion euros respectively.
Approval is still required from all of the member states and ongoing developments stand to move the exchange rate.
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