All the day’s economic and financial news, as Italy’s League and Movement Five Star move towards forming a new government

The European Central Bank can also take some credit for today’s calm markets.

Back in 2011, Italy’s borrowing costs hit dangerous levels during the political crisis that forced Silvio Berlusconi out of office. Since then, the ECB has launched a series of schemes to shore up the eurozone, including its huge QE bond-buying programme.

As long as the ECB has the bond market’s back, the euro will try to ignore Italian politics.

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Newsflash: Italian president Sergio Mattarella will meet with the leaders of Movement Five Star and the League this afternoon.

Mattarella must judge whether a stable government can be formed, avoiding the need for new elections.

Italy’s President To Hold Govt Formation Talks With 5-Star At 1630, With League At 1800 – Statement

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Read More Markets shrug off prospect of new Italian government – business live

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