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In an interview with RAI Uno radio on Tuesday, Italy’s Deputy Economy Minister Laura Castelli said the European Union (EU) should be able to offer her country some additional relaxation on its budget targets if the coronavirus outbreak has a negative impact on the economy,

“There are resources that the EU can give us in relation to economic events that could lower GDP considerably. We hope we won’t need it but it’s a situation in which the EU should,” she noted.

This comes after Italy reported six coronavirus deaths on Monday and total number of confirmed cases topped 200.

  • EUR/USD: Corrective advances to gather pace above 1.0870