Italy to request EUR5 bln stimulus from parliament – Il Sole

Citing sources with knowledge of the discussion, Il Sole 24 Ore - an Italian national daily business newspaper, reported on Wednesday, Italy is considering requesting EUR5 billion stimulus from the parliament.

On Tuesday, Prime Minister Giuseppe Conte said the government is working on a new stimulus package worth at least EUR50 billion ($54.2 billion) to mitigate the impact of the coronavirus crisis.

Last month, the parliament approved an initial EUR25 billion package to help the economy cope with the outbreak.

EUR/USD reaction

Amid a mild retreat in the US dollar across the board, EUR/USD is attempting a recovery above 1.0850. At the moment, the spot trades at 1.0866, up 0.11% on the day. The EU clash over the virus funding plans will likely continue to weigh on the euro.