I came across this publication at the Estorick Gallery, London. It was part of the exhibition Franco Grignani: Art as Design 1950–1990, which showcased both his art and graphic design works.
The exhibition stated the importance of Gestalt theory on his work. I wonder if this informed the decision to choose this typeface, as the outline creates minimal, but noticable, optical effects dependant on the distance one views it from.
The hairline accents (a in Pubblicità and é in Publicité) are particularly interesting as they optically match the weight of the outline.