Since the launch of the euro, moreover, Italy's debt managers have managed to extend the average term of its borrowing to almost seven years, locking in then-prevailing interest rates and ensuring that less of the outstanding debt is subject to abrupt rate increases.

ECONOMIST: Fretful markets fear the worst

Under the asset purchasing programme the central bank buys bonds in order to keep the long-term cost of borrowing down.

BBC: Bank of Japan increases asset purchase programme

On the bond markets, the Spanish government's long-term cost of borrowing fell slightly, to an implied interest rate of just under 6% for 10-year debt.

BBC: Spain budget imposes further austerity measures