The European Budget Commissioner Pierre Moscovici made an appearance about an hour ago. He commented on the Italian budget issue saying that an agreement can be reached with Italy. These are positive words coming from the European Commission which has been pretty strict on the Italian deficit.

Italian politicians have accused him and the head of the European Commission Juncker for trying to punish Italy. But, any step in the right direction is welcomed. Although, both sides are standing firm on their positions regarding the deficit.

Italian Deputy Prime Minister Mateo Salvini said earlier that he will talk to Moscovici and Juncker and that he doesn’t want to fight with anyone, but also repeated that the Italian Government will not backtrack on the budget.

So, no solution yet on this issue but the tones are getting a bit softer which means that we might see an agreement soon. That would help the European stocks massively and we would also see a surge in the Euro.