Italy's Conte: EU leaders have made great progress

Regarding Thursday's talks on the EU's economic response to the coronavirus outbreak, "EU leaders have made great progress," Italian Prime Minister Conte said and added that this development was "unthinkable" a few weeks ago.

Meanwhile, the chairman of EU leaders Charles Michel noted that EU leaders agreed to coordinate gradual lifting of coronavirus restrictions and monitor the situation with an eye on the approaching summer holiday season.

"EU leaders agree recovery fund is needed and urgent," Michel added. "EU leaders task commission will make a detailed proposal on the recovery fund and its link to the next long term EU budget."

Market reaction

The shared currency came under heavy selling pressure in the last hour and the EUR/USD pair was last seen trading at 1.0775, down 0.43% on the day.