For Italy, the reduction in the spread was in part due to the fall in the debt redenomination risk premium, which came to almost 30 basis points, nearing the level recorded at the start of 2018. Accommodative financial conditions attenuate the contractionary effects that stem from the global situation; for our economy, this is an opportunity that should not be missed.
Looking forward, the average debt burden is expected to remain on a downward path, reducing the effort needed to reach a primary surplus that is capable of ensuring balanced public accounts. The decline in interest rates on government securities has already significantly lowered the cost of wholesale bank funding and of corporate bond issues.