Germany's Scholz: There is hope there will be a good recovery in Europe

"There is hope there will be a good recovery in Europe but we are not past the worst yet," German Finance Minister Olaf Scholz said on Wednesday, as reported by Reuters.

Key takeaways

"The EU presidency will focus on the next long-term budget and recovery package."

"Some large digital companies are paying very low tax despite making lots of money."

"We need effective minimum taxation for companies."

"Banking union and capital markets union needed to make progress."

Market reaction

The EUR/USD pair largely ignored these comments and was last seen losing 0.4% on the day at 1.1862.