bank of italy governor in doubt still biscoe has warned that there are no short cuts when it comes to shrinking his country's public debt he added italy's destiny is bound to that of europe at the unveiling of the central bank's annual report in rome biscoe was also keen to ease fears about the tumbling of shares at the milan stock exchange. really shouldn't reducing the incidence of debt is an essential objective. if the tensions of the last days can be eased the cost of debt will also be reduced. over to correct those in our financial correspondent frank for some reaction to italy's central bank governor he does sound like he has everything under control conrad. of course it has been that's what he's paid for central banks central bankers are the anchor of stability for the financial world mr biscoe really has to use language like this and if i maintain that this is just going away just like that certainly the people i talked to here today don't think so and certainly the numbers don't look good the yield on ten year italian government bonds that's the risk premium that the market a

he's paid for central banks central bankers are the anchor of stability for the financial world mr biscoe really has to use language like this and if i may say so slightly in comprehensible language i mean if the tensions of the last days are reabsorbed whatever that means does he really mean that this is just going away just like that certainly the people i talked to here today don't think so and certainly the numbers don't look good the yield on ten year italian government bonds that's the risk premium that the market attributes to italian debt this heald has risen above three percent for the first time in four years today while at the same time the government bond yield on the german ten year bonds has sunk below zero point three percent this praed and the widening spread the widening gap between those government bond yields indicates the potential for disruption that investors are seeing right now. new governments are nothing new in italy but this is all quite a unique reaction from european officials. well yes but the european official that we just. heard talking and talk about mr. h