). the shift towards digitalization in services represents a great opportunity for expanding access to finance ; at the same time, it can increase financial exclusion unless it is supported by appropriate literacy, both financial and digital, and by adequate governance. digital transformation enhances financial inclusion if it effectively reaches the most vulnerable and financially underserved, including micro and small enterprises, and if these individuals and businesses are equipped with the financial competences that allow them to make informed decisions. we must ensure that a wider access to digital financial infrastructure does not translate into irresponsible financial behavior, which can, in turn, endanger growth and financial stability. to fulfil the work plan commitments, the g20 presidency mandated some implementing partners ( ips ) – including the oecd, the sme finance forum and the world bank – to provide analyses and stock - tracking reports on the gaps and opportunities, in terms of digital financial inclusion, that emerged during the pandemic crisis. as to policy response, we will concentrate on two main areas. one concerns raising digital financial awareness for both households and msmes. the other one aims to foster innovative regulatory and supervisory approaches that encourage the development of inclusive and responsible digital financial services while granting adequate protection to final customers, including from cyber risk. the 2021 gpfi ’ s focus on digital financial inclusion will also take into account remittances and the most effective actions needed to support them, also in times of crisis. 10. i have briefly touched upon three themes of the agenda of the g20 finance track under the italian presidency. all three challenges – climate change, preparedness in health policy and financial inclusion – must find adequate and coordinated responses in order to advance onto a ‘ sustained ’ and ‘ sustainable ’ recovery path. great uncertainty still surrounds the evolution of the epidemic and the related economic developments ; the outlook is nevertheless positive. it is therefore essential that we enter a new phase in which our tasks move toward a more far - sighted policy perspective. we must address the legacies of this unprecedented crisis and some structural long - standing challenges, for the prosperity of our communities. the g20 is the proper world forum for that. global issues – such as climate change and pandemics – require global solutions. designed by the printing and publishing division of the bank of italy

‘ the g20 agenda in 2021, under italy ’ s leadership ’ global investor roundtable of the global foundation speech by daniele franco senior deputy governor of the banca d ’ italia rome, 3 february 2021 1. ladies and gentlemen, it is a great pleasure to contribute to the 2021 global investor roundtable of the global foundation. let me thank the secretary general steve howard for inviting me and for his kind introduction. governor visco addressed the rome roundtable last november and illustrated the prospects for the italian presidency of the group of twenty ( g20 ). i will update you on recent developments. i would like to start off by saying a few words about the context in which italy began its presidency. 2. we all know that the current global crisis is one of unprecedented magnitude. since the inception of the pandemic, more than 100 million individuals have been diagnosed with covid - 19 worldwide ; almost 30 million cases have been recorded in europe. more than 2 million people have died because of it, about one third of them in europe. the pandemic, combined with the containment measures introduced to curb the spread of the virus, plunged the world economy into one of the deepest recessions in recent history. in 2020, despite a short spell of recovery during the summer, world gdp declined by about 3. 5 per cent, the largest contraction since wwii. economic losses in the euro area and the uk have been particularly severe. fiscal and monetary authorities responded swiftly with massive expansionary interventions. the measures were aimed at strengthening the healthcare systems, at supporting firms ’ and households, and at preserving orderly monetary and financial conditions. the short - term objective of mitigating the immediate consequences of the pandemic was achieved, preventing the drying - up of liquidity, avoiding an immediate credit crunch that could have led to a large wave of defaults, and taming deflationary pressures that would have scarred the economic fabric of our economies and generated financial instability. 3. according to the latest projections released by the imf, global economic activity will surpass pre - pandemic levels by the end of 2021, with world gdp growing by 5. 5 per cent. the forecast has been revised positively, in light of expectations that vaccines would remove current restrictions in the second half of the year. however, projections are heterogeneous across world regions, owing to the differences in the access to healthcare, the effectiveness of relief measures, the exposure to cross - country spillovers, and structural