The European Union's deal on a post-coronavirus stimulus plan was the only possible solution to safeguard the bloc's single market and its monetary union, Italy's Prime Minister said on Wednesday.

"With (Tuesday's) decision the EU has opened up to a new perspective, in favour of a more cohesive and inclusive Europe... it is the only possible path to preserve the identity of the single market and the stability of the monetary union," Giuseppe Conte told Italy's upper house Senate.

He added that the EU could not have failed in reaching an agreement or delaying a decision on the issue.