Now we must see how this request position on national debts

The Italian Treasury Director, Maria Cannata, has the responsibility of placing the transalpine public debt markets. The Italy is the largest issuer of Europe and the countries whose debt is the highest. The challenge is of size. While the Italian Government publishes ever funding programme detailed - distinguished as his counterparts in the euro area-, Maria Cannata confirms that, for the second time in its history, the Italy will reduce its debt: "taking all titles into account, the decline be at least 50 billion from the 482 EUR surveys in 2010." On the papers of medium and long term, the Government plans to put between 220 and 230 billion euros. "It is very likely that we revisions downward this amount during the year," she said. Another axis for 2011: continue to reduce the stock of Treasury (short titles), as last year. Has the weight of the debt of short term in the total stock just below 9, which is unpublished. In total, EUR 200 billion will be raised on this segment this year.

The difference in rates of the Italy with the Germany recently approached 2. Is the country threatened with a contagion of the debt crisis

The Italy had resisted well in 2010, because its debt is one of the most liquid of Europe and because the investor base includes 48 of home buyers, which is high. But it has indeed been somewhat overtaken by fears about the debt "device" from the end of November. However, the contagion is less sensitive than for other countries in the euro area. Furthermore, the year starts on high volatility, widening the gap between the Germany and our rates and somewhat increases our cost of absolute funding, what is more embarrassing. I think that the volatility will persist as long as the market will be fully reassured on European stability mechanism.

What strategy you adopt to place the debt

We are the same as in 2010: we regularly come on the market while we providing flexibility in amounts that we will issue each time. This principle, we it even applied at the end of last year, when we decided to keep all auctions while we needs lower funding $ 19.3 billion in what was originally planned. It was also prudent, to begin 2011 with available cash and limit the pressure.

What is the message to pass to the investors at the moment

It essentially show that the Italy is not the Spain. Our rationale is solid: rating agencies underline that our economy is diverse, while the Spain was very dependent on the real estate sector. Moreover, the State helped Italian banks to 4 billion euros in 2009, because the sector was already very monitored for years. We also put forward the fact that the Italy has a rate of high savings and a modest private debt, which is a reassuring element after the Irish crisis. Finally, even if the Italian public debt is the highest in the euro area in absolute terms, we insist on the efforts of rigour, control of our finances. For example, we recall that the Italy has reformed its pension system, and this without any protest. What is important for us, it is to maintain the intermediate positioning of the Italy between the "peripheral" and "heart" of the euro area countries, in the same way as the Belgium (except that we do not have their political problems).

Under present conditions, do you believe that the market can absorb all the States of the eurozone debt emissions

Yes, because there was little activity at the end. In January, if the offer is more sustained demand is also still quite strong.

What do you think of the first lifting of the EU for the Ireland debt

The amount requested was enormous. This demonstrates that there is an interest in tools to strengthen the euro. Now we must see how this request position on national debts. Will the stability mechanism operation reduce the appetite for others It is a question. The month of January will bring answers. We to manage this additional variable.

Can be regarded as the vehicle of the Commission or the Stability Fund competitors of Italian debt

No, because performance offered by the Italian obligations is much higher than that of these instruments. As they are rated AAA, I think that they can compete with the German or French debts.

Full interview on lesechos.fr/interview