Italy's Conte: League's decision to present no-confidence motion was 'grave'

Addressing the Italian Senate on Tuesday amid the political turmoil, Italian Prime Minister Giuseppe Conte said that the League party's decision to present a no-confidence motion was 'grave' and added that it will have consequences for the country.

Conte further added that Deputy Prime Minister (PM) Matteo Salvini has violated the initial commitment, and the League's move suddenly interrupted government's reforms.

Conte also noted that the budget will not pass in time following the League's action and that the may be forced to increase the VAT. 

The shared currency's reaction to Conte's remarks is so far mixed with the EUR/USD pair trading flat on the day at 1.1075.