Italy's premier Giuseppe Conte on Friday welcomed the European Commission's unprecedented decision to suspend it strict budget rules - known as the growth and stability pact - a move that will allow governments to spend freely on coronavirus mitigation measures.
"This is a further important tool that will be useful as part of Europe's response to the serious social and economic consequences of the health emergency. We must keep working to broaden the range of strategic tools deployed to render Europe's reaction coordinated, strong and timely," Conte stated.
In an interview with the Financial Times newspaper on Friday, Conte urged the EU to use its full "firepower" against the coronavirus pandemic and adapt its European Stability Mechanism rescue fund for eurozone countries with serious debt problems.
On Thursday, Conte praised the European Central Bank's massive 750 billion euro bond-buying stimulus package designed to help the economies of countries like Italy, which has been hit by the worst coronavirus outbreak outside China and is under a drastic national lockdown.
The ECB's emergency scheme will pump cash into economies by buying additional government and corporate bonds until a least the end of the year.
