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The Italian economy is expected to shrink between 9.2% and 13.1% in 2020, European Central Bank (ECB) Governing Council member Ignazio Visco said on Wednesday. Visco further noted that they are seeing signs in the regional data that the Italian economy is recovering. 

“PEPP flexibility does address both the local turmoil and fragmentation,” Visco added. “PEPPcapital key deviations do remain in a reasonable range.”

Market reaction

The EUR/USD pair largely ignored these comments and was last seen gaining 0.35% on the day at 1.1380.

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