Germany's Scholz: Will tackle coronavirus with €156 billion supplementary budget

"The supplementary budget of 156 billion euros will show that we will use all we have to tackle the coronavirus," German Finance Minister Olaf Scholz said on Monday, per Reuters.

"We have decided the number of beds in intensive care in Germany will be doubled," Scholz added. "We want to compensate and minimise our citizens' loss of income."

Scholz further noted that they will ensure jobs are kept and that will cost the government "billions of euros."

Market reaction

The shared currency failed to capitalize on these remarks and was last seen trading at 1.0670, erasing 0.23% on a daily basis.