Where is Italy headed?

Italy is one of the countries most affected by the pandemic. As confinement began earlier than elsewhere in Europe, the drop in activity is greater there. The current crisis can only compound the country's fragilities in terms of growth, public finances and politics. An Italian debt crisis - which would certainly fuel the already strong anti-European sentiment among Italians - would be fatal for the euro. The ECB has realised that it is imperative to pressure borrowing rates as m...