Germany’s Altmaier: Europe must stick together, diversify its trade relations

In remarks cleared for publication on Friday, German Economy Minister Peter Altmaier said that the coronavirus “pandemic has taught us that Europe must stick together and diversify its trade relations,” per Reuters.

Additional quotes

“The European Union (EU) should become less dependent on Asian suppliers in certain areas such as medical precursors, and develop its own value chains within the 27-member bloc.”

“That means that there must be no spanner in the works of the EU’s internal market and that we have to ensure more resilient supply chains, the development of value chains within the EU, and more legal certainty in international trade.”

“Anyone who wants to enjoy the advantages of the free market in the European Union must also open the doors to European companies.”

Market reaction

Altmaier’s comments seem to have little effect on the EUR markets, as EUR/USD holds its recent trading range around 1.1860, having bounced-off a dip to 1.1841.