ECB's De Cos: EU cannot rely on Germany to provide fiscal stimulus

European Central Bank (ECB) Governing Council member Paolo Hernandez de Cos on Tuesday argued that the ECB cannot rely on Germany to provide fiscal stimulus. "The euro area needs to roll out a mutual and common fiscal stabilisation mechanism to address current economic challenges," De Cos added, as reported by Reuters.

The shared currency showed little to no reaction to these comments. As of writing, the EUR/USD pair was trading at fresh session lows near 1.1110, erasing 0.15% on a daily basis.