Scholz: Current crisis won’t be over in a few months

German Chancellor Olaf Scholz said on Monday that his government will continue to meet regularly with unions on energy price and inflation issues while noting that the current crisis will not be over in a few months.

Scholz’s comments don’t have any immediate impact on the Euro’s performance against rival currencies. The EUR/USD pair was up 0.05% on the day at 1.0433.

Scholz met trade union and employers association leaders on Monday for the first of a series of meetings aimed at tackling what he called a “historic” cost of living crisis caused by spiraling energy prices.


Key Quotes

“Agreed with social partners today on an understanding of the current situation, will develop tools in coming weeks”.

“We stand together with social partners”.

“We face a historic challenge”.

“We must brace ourselves for the fact this situation will not change in the foreseeable future, in other words: we stand before a historic challenge”.

“We will only get through this crisis, as a country, when we agree together on solutions”.