Milan, Mar. 12 (LaPresse) – “In an increasingly digital context, trust and monetary stability require that central bank money remain the settlement asset par excellence and interact securely and efficiently with private sector solutions.” This was stated by the Governor of the Bank of Italy, Fabio Panetta, speaking at the FSB Cross-border Payments Summit hosted by the Bank of England in London. “The Eurosystem and the Bank of Italy are moving in this direction,” Panetta added, with the digital euro “aiming to safeguard the role of public money in retail payments.” Innovation, therefore, “is possible without dismantling the pillars of the financial system,” Panetta added. Technology is a powerful enabler in all areas: speed, cost, transparency, and access. But it is not a panacea: by itself it cannot remove structural barriers – market concentration, data localization policies, and insufficient transparency requirements – elements that require political action,” Panetta concluded.
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