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In an interview with an Italian daily, Corriere Della Sera, the European Union (EU) Economic Commissioner Paolo Gentiloni said, “in Rome, we need a reform plan to start growing again.”

Key quotes

“It is clear that a global response is needed, both in terms of health and virus containment policies, and economically. Sad to note that coronavirus has served to rediscover the importance of multilateralism. I am personally engaged in the G7 and G20 to contribute to a global response. I consider the outcome of the G7 conference call in which I participated today (yesterday, ed) positive.”

From the EU comes a message of solidarity, understanding and closeness. We will evaluate the Italian request to use the “exceptional circumstances” clause on public finance balances with this positive spirit. The measures then have to be related to these circumstances. Further interventions will have to be coordinated and decided at the European level and will be the subject of the next meetings. But on Italy I would like to add something, if I can: we must be aware that our difficulties come from afar and therefore, beyond the expenses to face the emergency, Italy needs a plan for reforms and revitalizing the economy . I know that Minister Roberto Gualtieri is working on it.”

EUR/USD keeps losses around 1.1150

Amid broad-based US dollar rebound and mixed German Retail Sales data, EUR/USD keeps its corrective mode intact from a two-month top of 1.1212.

The spot trades 0.18% lower at 1.1154, at the press time.