A government that is practically only concerned with public finances and is far from relaunching the country in terms of reforms is not, however, preventing the public debt from inexorably continuing to rise in absolute terms. This is revealed by the Document published by the Bank of Italy entitled "Public Finance: Requirements and Debt", which states that at the end of December 2025, public administration debt in Italy amounted to 3.095,5 billion, an increase compared to the 2.966,9 billion recorded at the end of 2024.
The increase in debt, according to the Bank of Italy, reflected the borrowing needs of public administrations (€109,2 billion), the increase in the Treasury's liquidity (€14,7 billion, to €52,4 billion), and the overall effect of spreads and premiums on issuance and redemption, the revaluation of inflation-linked securities, and exchange rate fluctuations (€4,6 billion). The average residual maturity of the debt was in line with that at the end of 2024 (7,9 years), but during 2025 the share of debt held by the Bank of Italy has decreased, standing at 18,5 percent, from 21,6 at the end of the previous year.
With reference to the breakdown by subsectors, Consolidated debt of central governments increased by 132,0 billion, to 3.016,3, while that of local governments decreased by 3,4 billion, to 79,1; and the debt of social security institutions remained substantially stable.
