Italy's Target2 debt falls to pre-Covid level in February [Reuters]
INTESA SANPAOLO S/ADR (ISNPY)
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Source: Reuters
MILAN, March 7 (Reuters) - Italy's liabilities towards other euro zone central banks fell by almost 40 billion euros in February, central bank data showed on Thursday, possibly reflecting foreign investor inflows to the euro zone third-largest economy. Data published by the Bank of Italy showed Italy's Target2 debt decreased to 466.538 billion euros ($508.25 billion) from 504.434 billion euros at the end of January. The latest Target2 debt figure was the lowest since February 2020, before the COVID-19 pandemic triggered heavy investor outflows from Italy. It compares with a record high of 714.93 billion euros in September 2022. Luca Mezzomo, head of macroeconomic analysis at Intesa Sanpaolo, said the decline since early 2023 was a sign of increasing foreign purchases of Italian government bonds, among other factors. "The trend should continue in coming months," he said, helped by a reduction in the European Central Bank's asset purchase programmes, an improvement in Italy's c
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