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Germany’s Minister of Finance, Olaf Scholz, said on Wednesday that the European economy will recover from the impacts of the COVID-19 crisis, but might face some hardships in the near term, Reuters reported.
“Europe has dealt with a historic challenge and has provided a very good response, has shown solidarity in its response.”
“The economic situation is quite serious in Europe. That is why it is important in the second half of the year to tackle the serious recession we are experiencing. Current indicators give us hope that we will have a good recovery, we see that in a number of countries around Europe, but these developments are still quite precarious and I can’t say we are over the worst of it yet.”
The Euro (EUR) is down by around 0.4% against major currencies after data showed an unexpected decline in German retail sales.
