5/7  BIS central bankers' speeches  The share of spending on pensions will continue to grow over the next twenty years because of demographic dynamics; for the same reason, health and welfare could also require an extension of the services provided.
If Italy decides to maintain or extend the perimeter of public intervention, it will be necessary to ensure that such measures have adequate coverage, without financing permanent increases in deficit spending, as has instead happened in the past. Financing conditions, which are expected to remain relaxed, together with greater long-term growth, may lead to a decrease in the debt burden.