reach and therefore can support all countries included those that do not have other ways to tap into global knowledge ; second it has the power to gather all the key players around the table : ministries of finance, prudential supervisory bodies, aml authorities, ministries of domestic affairs and data protection authorities. one might ask whether it is wise, for the international community to embark on such an undertaking now. my answer is definitely yes. in fact, ensuring good interoperability of business environments is a necessary condition for any kind of approach to crossborder payments, whether based on traditional or new technologies, such as distributed ledger technology and central bank currency ( dlt and cbdc ). * * * 3 / 4 bis - central bankers'speeches let me conclude. progress in payment systems rests upon mutual trust and multilateral cooperation, both enabling conditions for advancing the g20 roadmap. central bank cooperation has a key role to play in developing payments infrastructures ; the involvement of governments and private sector stakeholders is also essential to create a sound regulatory and market environment. if we take a holistic approach and focus our efforts on what is actually achievable, the payments sector will be even more capable of improving the prosperity of our economies while reducing inequality. 1 cipollone p. ( 2021 ), the italian g20 presidency and the cross - border payments agenda, speech at the cpmi conference on'pushing the frontiers of payments ', 19 march 2021. 2 mckinsey ( 2022 ), the 2022 mckinsey global payments report. 3 carstens a. ( 2020 ), shaping the future of payments, bis quarterly review, march 2020 ; visco i. ( 2021 ), opening remarks at the webinar " enhancing digital and global infrastructures in cross - border payments ", organized on 27 - 28 september by the bank of italy during the italian g20 presidency ; cipollone p. ( 2022 ), keynote speech at the conference on digital platforms and global law, organized on 29 april 2022 by unidroit in collaboration with roma tre university and the european law institute ( eli ) in rome. 4 / 4 bis - central bankers'speeches

in the last few years by gianluca violante and other economists, combines heterogeneous agents with nominal rigidities. this increasingly substitutes the assumption of a representative agent present in the dynamic stochastic general equilibrium ( dsge ) workhorse models that have been widely used to study the effects of macroeconomic shocks. the aggregation of heterogeneous households and firms implicitly matters, together with liquidity constraints and various kinds of buffers and rigidities, in the " old - style " macro - econometric models that are still, by necessity i would say, widely used in generating our forecasting scenarios. allowing more explicitly for these characteristics, these new models definitely contribute to improving our understanding of the ways in which monetary policy operates. in traditional dsge models, given the assumption of the representative agent, monetary policy affects the economy mainly through its direct impact on intertemporal substitution, in other words lowering interest rates increases aggregate demand by making consumption today more convenient than consumption tomorrow. in models with heterogeneous agents, however, we find ourselves observing a lesson we learned a few decades ago, that the indirect effects taking place via changes in demand and employment outweigh the direct effects of interest rate changes on the propensity to save. thus, the shape of income distribution plays a significant role in the impact of monetary policy on the economy. in the last few years, research conducted at the bank of italy based on this class of models has shown, for example, that a higher propensity of households to save, 2 / 6 bis - central bankers'speeches possibly due to perceived greater risks of unemployment, may imply stronger effects of monetary policy. this would certainly not appear in models built around the representative agent, because the latter, fully insured over time, would save and consume regardless of their employment status. more in general, and this is my third point, models with heterogeneous agents allow for a deeper understanding of the effects of aggregate uncertainty as well as its interactions with idiosyncratic uncertainty and non - linearities, such as the presence of an effective lower bound for interest rates. another study carried out at the bank of italy in particular shows that the reduction in output that follows a shock to the economy is much higher in the presence of macroeconomic uncertainty due, in large part, to heterogeneities between households. these are not just academic curiosities, even if they require more in - depth study and testing.