The Italian Prime Minister Giuseppe Conte is preparing to release the fiscal stimulus following the European Union agreed to lessen budget regulations to support its member nations battling the outbreak of coronavirus.
According the latest report, the Covid-19 confirmed cases already surpassed 10,000, along with the economy that has yet to recover, reflecting the Prime Minister to call out the European Central Bank to help reinforcing the economy.
Italy now has been double threatened by both economic and health crisis as the epicenter of virus was spreading throughout northern, the region of an engine industry. The longer lock down the country, the greater suffering for the economy.
The ECB President Christine Lagarde said that she would introduce a measures to support small and medium sized businesses when the Governing Council meets Thursday,
On Monday, Conte has asked EU to relaxing the over spending rules, so that the country can enhance its economic liquidity.
The EU Commision President as well said that the alliance’s excutive would response to coronavirus spreading by furthering invest in fund worth 25 billion euros directed at smaller businesses and “other vulnerable parts of our economies.”
However, all the stimulate measure by both EU and Italian government have decided yet, the EU scheduled to meet next Monday, but the EU Commission will present a special treatment for coronavirus-driven non-performing loans, and partial wage subsidies so that companies can retain workers through periods of weak demand.
While Italy’s Finance Ministry is proposing to double the existing aid package up to 16 billion euros.