The eurozone - a monetary union of 19 of the 27 Member States of the European Union that have adopted the euro as their common currency - is being buffeted not only by the prospect of a deep and long-lasting recession. Northern and Southern European countries are also feuding over possible financial support for Italy and Spain, the EU's third- and fourth-largest economies, which have been especially hard hit by the coronavirus.

On March 13, European Central Bank (ECB) President Christine Lagarde dismissed calls by Italy for financial assistance to help it cope with the pandemic. After her comments rattled financial markets, Lagarde quickly reversed course and said that the ECB was "fully committed to avoid any fragmentation in a difficult moment for the euro area." Italian President Sergio Mattarella replied that Italy had a right to expect solidarity from beyond its borders rather than obstacles.