my north star in this journey of combining different hats into one is to have clear principles as a regulator and to try to think outside the box as a researcher. and indeed, these two hats have the potential to interact in a smart and effective way, even more so now than in the past, given the challenges i have just mentioned. my main principle as a policymaker is that financial regulation should aim to preserve the benefits of financial intermediation ( promoting the efficient allocation of private savings to long - term productive projects by firms, thanks to the maturity transformation services stemming from the combination of deposit - taking and the associated payment services and credit issuance ) and those of innovation ( as a powerful tool for financial inclusion and socio - economic development ), while enhancing the safety and soundness of the financial system. for me, thinking outside the box as a researcher means not being held hostage by entrenched preconceptions and pushing boundaries, running the risk that i might sometimes uncover controversial truths. let me use interconnectedness as a case in point. each of the examples i mentioned earlier ( technological innovation, nbfis, climate change ) has highlighted the potential risks arising from more interconnected sectors and players. indeed, interconnectedness the digital operational resilience act ( dora ) introduces harmonized rules aimed at strengthening the digital operational resilience of the financial sector. it seeks to ensure that european financial institutions ( including banks, insurance companies, payment institutions, fund management companies, market infrastructures, and ict service providers ) can prevent, manage, and withstand cyberattacks and other it threats. this will be achieved through the adoption of appropriate measures, such as ict risk management and incident reporting. the regulation will apply as of 17 january 2025 and is currently being implemented at national level, with numerous regulatory technical standards ( rts ) and implementing technical standards ( its ) being issued at eu level. the review of the alternative investment fund managers directive ( aifmd2 ), which includes amendments to the ucits directive, approved last march, aims to increase the level of harmonization of the rules applicable to fund managers and the degree of integration of the european asset management market, partly to increase the alternative financing channels for the economy, in line with the european commission's 2020 action plan to achieve the capital markets union. the new rules are designed to : introduce a harmonized regime for managers of alternative funds that originate loans and an obligation for asset managers to include liquidity management

studies, volume 35 ( 11 ), pp. 4859 – 4901, 2022. see p. angelini, ‘ portfolio decarbonisation strategies : questions and suggestions ’, banca d ’ italia, questioni di economia e finanza ( occasional papers ) 840, 2024 ; and f. ferriani, a. gazzani and f. natoli, ‘ flight to climatic safety : local natural disasters and global portfolio flows ’, banca d ’ italia, temi di discussione ( working papers ) 1420, 2024. see c. brunetti, b. dennis, g. kotta, c. norris, c. shin and i. zer, ‘ climate risk networks and banks ’ exposures ’, mimeo, 2024 ; and m. a. aiello, ‘ climate supervisory shocks and bank lending : empirical evidence from microdata ’, banca d ’ italia, temi di discussione ( working papers ) 1465, 2024. the markets in crypto - assets regulation ( micar ) introduced a harmonized framework across the european union for the issuance and offering to the public of crypto - assets and the provision of services involving crypto - assets. it aims to reduce regulatory uncertainty in digital assets markets and foster sustainable innovation in the financial sector by establishing a uniform regulatory environment for the following types of crypto - assets : i ) electronic money tokens ( e - money tokens - emts ), which purport to maintain a stable value by referencing the value of one official currency ; ii ) asset - referenced tokens ( arts ), which purport to maintain a stable value by referencing another value or right or a combination thereof, including one or more official currencies ; iii ) crypto - assets other than emts and arts. the rules on the issuance, public offering, and admission to trading of arts and emts have been in force since 30 june, while the remaining provisions will be fully applicable by the end of this year. operational resilience act ( dora ) 8 and the review of the alternative investment fund directive ( aifmd2 ). 9 much work remains to be done on climate risk, and more generally on esg issues, including on new forward - looking analytical tools and methodologies for designing sound climate – related stress testing models aimed at assessing the resilience of the financial system over short and very long horizons. 10