Euro falls as finance ministers reach impasse on shouldering huge Covid-19 burden

Eurozone ministers sparred over economic aid, the ECB warned them that the EU may need fiscal measures worth up to €1.5 trillion this year to tackle the economic free-fall caused by the Covid-19

The euro fell and the cost of borrowing for the Italian state rose as a marathon teleconference meeting of eurozone finance ministers failed for the time being to reach an agreement on ways Europe could together shoulder the huge fiscal costs entailed by the Covid-19 crisis.

The impasse was reached as Italy, whose economy has been reeling for weeks from the crisis, rejected conditions sought by the Netherlands for any rescue package.