The euro was strong against the pound yesterday, as the single currency is seen as a safer haven than sterling. This was prompted by the Federal Reserve’s decision to make a second emergency cut to interest rates.
The EU internal market Commissioner, Thierry Breton, stated that the coronavirus pandemic will plunge the European Union into recession this year, saying that it will slash growth by 2-2.5%.
MEP’s called on member states to adopt a more ambitious approach to tackling the economic impact of the virus. The European Commission has proposed a temporary ban on non-essential travel to the European Union.
Germany is the latest EU country to close its borders, only allowing goods and workers to pass through.
