French President Macron: Achieving COVID-19 recovery deal is likely

After extending talks in Brussels to the fourth day, EU leaders are inching closer to a 1.8T Euro stimulus package in light of the economic damage caused by the coronavirus pandemic.

French Finance Minister Bruno Le Maire said on Monday an agreement on a recovery plan at the European Council meeting was possible and a necessity. 

Also today, French President Emmanuel Macron said “Hopes are there for a compromise but I remain prudent regarding the EU summit outcome,” adding that a compromise is likely.

Meanwhile, German chancellor Angela Merkel said that she is hopeful that an agreement on the recovery plan would be possible by today.

On Sunday, EU Council President Charles Michel urged leaders to set aside disagreements, saying “are the 27 EU leaders capable of building European unity and trust or, because of a deep rift, will we present ourselves as a weak Europe, undermined by distrust.”

The news is strengthening the euro against the U.S. dollar. The EURUSD pair was last seen trading at 1.1465.