The Bank of Italy's position within the Target 2 system, which settles cross-border payments in the euro zone, is monitored because its rising can be a sign of financial stress. But seasonal factors also affect it.
In December Italy's Target 2 position hit a one-year high of 209 billion euros to decline by 45 billion euro a month later. June's level is the highest since March when it stood at 192 billion euros.