The high public debt constitutes a structural vulnerability: it exposes Italy to the risk of financial shocks, creates underlying uncertainty that impacts on borrowing costs and discourages private investment. All the more reason that the European funds must deliver considerable and lasting progress.
BANCA D’ITALIA  The Governor’s Concluding Remarks Annual Report 2020  15  Thanks to an average residual maturity of more than seven years, average borrowing costs will continue to benefit well into the future from the exceptionally low interest rates registered in recent years.