Nearly €350 billion of Italian public debt to be renewed by 2025, as reported by the Unimpresa study center. Managing debt has become not only a technical challenge but also a political test for the Meloni government in a scenario marked by global uncertainties and fragile economic prospects.
A complex landscape and imminent challenges
According to the report, over the next decade, €1.9 trillion in government securities will mature, representing 77.9% of the total €2.4 trillion. In 2025 alone, €349.8 billion will be due, mainly split between bot (€113.8 billion), btp (€195.7 billion), and cct (€40.3 billion). This burden adds to a total public debt of €2.98 trillion, which includes European loans and bank financing.
Geopolitical tensions, such as the wars in Ukraine and the Middle East, along with uncertainty in monetary policies by the Federal Reserve and ECB, exacerbate the situation. These factors deeply influence bond yields and issuance strategies. Unimpresa President Giovanna Ferrara emphasizes the importance of cautious management to prevent adverse market reactions.
A strategy balancing stability and flexibility
The national economic policy faces multifaceted challenges: supporting fragile growth, controlling inflation, and implementing Pnrr-linked structural reforms. These require significant resources and strategic choices. According to Unimpresa, focusing on short- and medium-term bonds could help manage overall debt servicing costs. However, a long-term vision that combines stability with adaptability is crucial.
The role of the European Union and future implications
On the international front, the reintroduction of EU fiscal rules adds further pressure. Italy, with one of the highest debt levels in the Union, must balance refinancing needs with economic sustainability. Government credibility will be tested not just by numbers but by a clear and consistent vision that inspires confidence among investors and citizens.
“Public debt is not just an economic issue but also a democratic one,” warns Ferrara. Without a decisive shift, the weight of debt could jeopardize not only financial independence but also the political freedom of the country.
