Italy's new government must seize opportunity of low borrowing costs, ex-finance minister says
Pier Carlo Padoan, a member of the Democratic Party , told CNBC's Steve Sedgwick that the new government now had to grasp this unique environment in the country's sovereign debt markets.
"The boost of having this new government coming from financial markets — the spread has fallen down to unprecedented levels and the interest rate is historically low — so there are very good starting conditions," he said at the Ambrosetti Forum in Italy Friday. "It's up to the government now to transform this nice opportunity into a reality. And there is an ambitious program which is a medium-term program. This is good and it's giving a new horizon to the economy which we need, because the problem is of course to maintain financial stability and discipline in public finance but also boost growth once again," he added.
Markets have cheered the incoming coalition and the prospect of smoother relations with the EU. Italian bonds have rallied hard this week, and the yield on the 10-year benchmark bond has fallen below 1% — a dip from around 3.5% toward the end of last year. Bond yields move inversely to prices.
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