Germany's Merkel: EU coronavirus financial package won't fail because of Germany

The EU's Stability Pact has enough flexibility for extraordinary situations, German Chancellor Angela Merkel noted and added that they are looking carefully at the European Commission's proposal to counter the coronavirus impact.

"The EU's coronavirus financial package won't fail because of Germany," Merkel said, as reported by Reuters. "Closing of borders is not an adequate measure to counter the spread of coronavirus."

EUR/USD reaction

Although it's nothing significant, the EUR/USD pair edged higher in the last minutes and was last seen trading at 1.1328, adding 0.43% on a daily basis.