EU leaders fret over pandemic economic recovery deal – FT

During the early Monday, the Financial Times (FT) came out with the news piece suggesting the European Union (EU) policymakers’ struggle to practise the recovery fund deal agreed two months back.

Key quotes

The German EU presidency has urged (Members of the European Parliament) MEPs to quit stalling, while MEPs accused the council of blackmailing them. 

EU capitals want to seal an agreement with the parliament by the middle of October to allow member states plenty of time to ratify the recovery fund mechanics in their legislatures.

Last week several member states — including the Dutch — warned they were not prepared to push ratification of the recovery fund through their national parliaments until they see a deal struck between the EU council and legislature.

Market implications

Following the news, the EUR/USD fizzles the early-Asian recovery moves from 1.1615 to 1.1640. While portraying the same, the pair sellers are currently probing 1.1630 but the European stock futures stay positive amid cautious optimism in the global markets.