ECB's Lagarde welcomes ambitious and targeted Franco-German proposal

ECB Lagarde

ECB's Lagarde and her predecessor Mario Draghi has been urging more fiscal measures. Today with the German Franco proposal, there is hope for some needed fiscal action.

Lagarde is applauding the move by commenting

• welcomes ambitious and targeted Franco/German proposal for European recovery fund
• monetary policy transmission is as important as policy
• there is no risk to euro, currency is irreversible

The last comment is a bit interesting. If I am interpreting the comment right, I am not sure I've heard a central banker called there currency "irreversible"