Bank of Italy warns on Italy budget, debt and energy risks

The Bank of Italy, through Andrea Brandolini’s hearing, presented an assessment of Italy’s 2026 public finance outlook, debt path, and the budget implications of energy and defence measures.

• The testimony says the DPFP 2026 foresees net borrowing at 2.9% of GDP in 2026, debt at 138.1% of GDP, and a planned deficit increase in 2027 linked to energy and defence measures under the National Escape Clause.
• It also cites the completion of the PNRR and the request for the tenth and final payment tranche of EUR 28.4 billion, plus the SAFE programme (EUR 150 billion total EU loans; EUR 14.9 billion allocated to Italy).
• The piece is a parliamentary hearing / economic policy testimony, not a corporate announcement; it mainly provides analysis and official fiscal projections, with contextual references to energy prices, debt markets, and tax gap estimates.