witnessing a new phase of changes in the forms and the use of money ; supranational money management issues and the problems related to the international lender of last resort function. for each of these themes, giannini ’ s works provide a great deal of evidence of his extraordinary foresight. for instance in the early 2000s he had already clearly anticipated the risk that too narrow a focus on price stability could deflect economists ’ and policymakers ’ attention from the importance of the banking system as the transmission belt of monetary policy. he was also aware of the difficulty in replicating typical central banking functions, such as lending of last resort, at an international level ( e. g. the international monetary fund ) and with respect to sovereign borrowers. or that a monetary union also requires a banking union, and this in turn calls for a greater degree of political integration. or that an area that was often neglected, that of an international framework for debt restructurings, would soon need to be addressed. °°° today, discussing the role of central banks, their independence, and their relationships with other economic and financial authorities has again become an issue of the utmost importance. the idea that the central bank ’ s role must encompass a plurality of functions related to one another, at the core of many of curzio giannini ’ s analyses, has gained growing consent : not only in the field of monetary policy and the management of the payments system, but also for macro - and micro - prudential supervision. this coexistence of tasks has historically characterized the bank of italy, and since the onset of the crisis it is becoming more and more of a feature for many central banks worldwide. central banks conduct monetary policy to achieve the objective of price stability – in most cases their primary goal – which in turn fosters broader macroeconomic stability. but central banks also have responsibilities in the area of financial stability : this is indeed a key precondition for price stability. following the crisis, greater attention is being devoted to the interactions and possible conflicts between policies addressed to maintain, respectively, price and financial stability. for example, in the current crisis, “ unconventional ” measures have been used to address dysfunctional liquidity markets and banks ’ reluctance to lend. in many cases, central banks had no choice but to move into unchartered waters, so as to limit the consequences of inadequate institutional or regulatory frameworks, imprudent behaviour in the private sector or national governments ’

” of their economies would therefore be a giant leap in the fight against climate change. in the rest of these remarks, i would like to briefly summarise the main activities that we are carrying out within the finance track of the g20. in doing so, i will also discuss the main messages that i see stemming from this conference through the lens of the work of the g20. they will be a very useful contribution to the steering of g20 activities. the g20 initiatives on sustainable finance the work of the italian presidency of the g20 is articulated around the three pillars of people, planet and prosperity. in line with this vision, contrasting climate change is a key 1 / 7 bis central bankers'speeches priority. in this perspective, the finance track is tackling the issue of how to redirect financial flows to support the transition towards a low - carbon and more sustainable economy and society. the first step has been to revive the sustainable finance study group, proposing the united stated and china, the largest advanced and emerging economies ( and the largest greenhouse gas emitters ) as co - chairs. we are very grateful for their decision to accept this responsibility. in april we agreed to elevate it to a permanent working group ( i. e. sfw g ), as designing an effective transition towards net - zero will remain a priority for the g20 for many years to come. this group has made rapid progress and has taken several initiatives to promote sustainable finance, including some supporting biodiversity conservation. these initiatives are in line with the international priorities stemming from the united nations cop26 on climate change and the cop15 on biodiversity, both to be held this year, and help prioritise these key policy issues. in particular, the group has proposed a sustainable finance roadmap that will be instrumental in future years to address the priorities defined by the g20. the roadmap covers four areas : ( 1 ) market development and alignment of financial flows to climate goals ; ( 2 ) information on sustainability risks and opportunities ; ( 3 ) management of climate and sustainability risks ; ( 4 ) public finance and incentives. the work will be developed by the group in a transparent way, allowing for flexibility and adaptation as international works and priorities evolve over time. one week ago the group hosted a sustainable finance roundtable, a public event involving the private sector. the event offered an in - depth perspective on the agenda, providing two new insights. first, there is growing interest to improve reporting even on