Euro has started the day down against the pound, as election day dawns in the UK. The markets will also be paying close attention to this afternoons ECB press conference, following Christine Lagarde’s first monetary policy meeting, at which interest rates are expected to be held at current levels.
The EU has launched a new ‘Green Deal’, designed to commit the EU to achieving climate neutrality by 2050. However, it still needs ratification, and some Eastern European countries, heavily reliant on fossil fuels, are said to be sceptical. This includes a major financial commitment of, according to Ursula von der Leyen, up to €100 billion. Of this, €35 billion is going into a Just Transition Fund, to help areas ‘most exposed to decarbonisation challenge’ – in other words, likely those highly reliant on fossil fuels.
