We don’t think that real economic and social problems can be solved by means of monetary policy. That has never been the European model and it won’t be.Standard & Poor’s lowered Italy’s credit rating from A+ to A. The agency said in the statement:
Italy’s economic growth prospects are weakening and we expect that Italy’s fragile governing coalition and policy differences within parliament will continue to limit the government’s ability to respond decisively to domestic and external macroeconomic challenges.EUR/USD dropped from 1.3686 to 1.3608 as of 5:01 GMT today. EUR/JPY fell from 104.82 to 104.12.