Not solely the Italian Treasury, however all of Europe (and the EU Commission) more and more depends on the direct sale of bonds at the price of sacrificing just a few cents of yield. High charges and the ECB in reverse will not be the one causes behind the explosion of the phenomenon.
https://www.ilsole24ore.com/art/duemila-miliardi-titoli-stato-perche-aste-sindacate-hanno-successo-AGVSuXk
Two thousand billion on authorities bonds. Why are “syndicated” auctions profitable? | EUROtoday
