Italy rejects EU's draft on economic coronavirus response

Italian Prime Minister Giuseppe Conte said on Thursday he rejected draft proposals prepared by sherpas at a summit of European Union leaders intended to tackle the economic crisis caused by a coronavirus outbreak. Italy "does not accept" the draft proposals because they are too timid, Conte said in a statement issued by his office while the video conference between the leaders was still ongoing.

"We need to react with innovative financial instruments," the statement said, in order to emerge from the economic emergency as quickly as possible. The Italian premier said he gave the EU 10 days to come up with adequate solutions, but did not say what he would do if it failed to do so.

Spanish Prime Minister Pedro Sanchez agreed with the 10-day deadline, Conte's office said.