Government bond purchases are dropping across Europe, but Italy remains an exception. In fact, foreign investments in Treasury bonds reached their highest level since 2019, increasing by €34 billion in June. Such a net inflow of foreign money into Italian government securities on a monthly basis had not been seen in exactly six years, and even then, it was accompanied by a significant reduction in the Italy–Germany spread, which fell by over 40 points in just one month. Foreign banks and significant investment funds have increased their holdings of Italian government bonds by €84 billion since the beginning of the year, following the €125 billion added for the entire year 2024. And if we count from June 2023—the moment when the trend of flows seems to have reversed—the balance is positive by over €230 billion. Foreign investors continue to find Italian government bonds to be increasingly appealing as a result of a variety of factors, including the government's stability, the narrowing spread, the improved sovereign rating, and the still attractive yields.