ECB's de Guindos: Will take eurozone up to two years to fully recover

The eurozone economy is expected to rebound in the third and fourth quarter, Luis de Guindos, Vice-President of the European Central Bank (ECB), said on Wednesday.

Additional takeaways

"Eurozone is expected to grow around 6% in 2021, the level of uncertainty is still very high."

"It will take eurozone up to two years to fully recover and get back to situation before the current shock."

"Eurozone has already reached the lowest level in terms of economic activity."

"ECB is working to avoid fragmentation in public debt markets within the eurozone."

Market reaction

The EUR/USD pair paid little to no mind to these comments and was last seen down 0.05% on the day at 1.0840.