ECB's De Guindos: A pan-European fiscal reaction to the pandemic is necessary

European Central Bank (ECB) Vice President Luis de Guindos told Der Spiegel that bank have a profitability problem and the pandemic will worsen this situation.

Additional quotes:

• German economic stimulus program is very positive.
• Germany has the financial wiggle room to quickly react to the crisis.
• I think a pan-European fiscal reaction to the pandemic is necessary.

Meanwhile, the headlines did little to influence the shared currency or provide any meaningful impetus to the EUR/USD pair, which was last seen trading with modest gains near the 1.1200 mark.