EU spokesman: EU leaders end summit without consensus on recovery plan

The European Council spokesman said on Friday that the European Union leaders' summit ended without a consensus on the recovery plan. 

Commenting on this development, Poland's Prime Minister Mateusz Morawiecki said that the EU needs a quick reaction. "We can't lose time on negotiations," the PM argued.

Meanwhile, German Chancellor Angela Merkel noted that the EU leaders agreed that sanctions against Russia should be extended for six months. "We are happy with the basic structure of the EU recovery fund. We will continue negotiations in mid-July," Merkel further noted. 

Market reaction

The EUR/USD pair edged higher in the last minutes and was last seen gaining 0.2% on the day at 1.1223.