about by the pandemic are a significant step not only to kick - start recovery, but also to make further progress in the institutional design of the european union. safeguarding the welfare of the “ next generation eu ” requires european funds to be made available promptly and efficiently allocated in order to promote sustainable growth. the policy measures adopted in the past months have contributed to mitigating the costs of the crisis, supporting the real economy and preventing the unfolding of a credit crunch. without them, the strengthening of productive activity observed globally over the summer would not have been possible. tackling the situation created by the pandemic, still an international emergency, remains our most urgent priority until a vaccine is distributed to a substantial fraction of the population. as the impact of the pandemic has unfolded, the entire scientific community has worked tirelessly to understand, predict and suggest ways to contrast its negative effects. new studies have benefitted from a revitalisation of the interdisciplinary approach and strengthened interactions among researchers across various fields. in economics, for example, the 1 / 3 bis central bankers'speeches incorporation of key features from basic epidemiological models into otherwise standard macroeconomic frameworks have produced new insights into the interactions between health and economic decisions. some of the papers included in this workshop provide good examples of our attempts to answer key questions about the consequences of the pandemic. the first invited lecture, in particular, will propose an innovative way to quantify the welfare cost of policy responses, accounting for their distributional impact and discussing trade - offs and complementarities between public health objectives and economic results. the first session of the workshop will feature both theoretical and applied works on the impact of the pandemic on several features of the economy, such as productivity, production networks, employment, inflation and income inequality. while not directly related to the pandemic, the other two sessions will touch upon important issues that the current crisis has brought into the spotlight and that are most likely to remain at the heart of the policy debate in the coming months. i would like to briefly touch on three of them. the second session considers the role of fiscal and monetary policy in macroeconomic stabilisation, their interdependences and the extent to which they should coordinate. there is a fair concern that if monetary policy were to end up replacing fiscal policy by using money, instead of taxes or debt, to finance fiscal measures, then it would compromise the independence of central banks, with a substantial

a possible solution for processing individual data. 4 the bank of italy has begun experimenting with these technologies. see'calibrating noise to sensitivity in private data analysis ’, cynthia dwork frank mcsherry, kobbi nissim, 2006. see ‘ a fully homomorphic encryption scheme ’, craig gentry, 2009. it is important to note that there is no one - size - fits - all approach to data ethics. the specific ethical considerations will vary depending on the type of data being collected and used, the purpose for which it is being used, and the potential impact on individuals and society. looking ahead as we are nearing the conclusion of this workshop, let us bear in mind that our journey with data science in central banking has just begun. the knowledge and skills we have acquired here are tools that we can wield to drive innovation and excellence in our institutions. it is our responsibility to apply what we ’ ve learned, adapt to the everevolving landscape of technology and data, and lead the way in shaping the future of central banking. i encourage all of you to stay connected, collaborate, and continue the dialogue beyond this workshop. the relationships we have built here can be the foundation for future partnerships and collaborations that will drive progress in our field. the bank of italy is firmly committed to carrying out further research on these issues and cooperating with other institutions to strengthen methodologies and applications. finally, let us not forget the significance of our work. central banking plays a key role in the stability and prosperity of our countries. data science can help us navigate the complex waters of modern finance. together, we can steer our institutions toward greater resilience, transparency, and effectiveness. we have had the privilege of learning from distinguished experts and practitioners in the field, who have shared their knowledge, experiences, and insights. these interactions have enriched our perspectives and deepened our understanding of the intricate relationship between data science and central banking. i would like to extend my heartfelt gratitude to all the speakers, instructors, and organizers who have made this workshop a resounding success. thank you all for your dedication, your commitment, and your thirst for knowledge. it has been an honour and a privilege for me to be a part of this workshop with you. i wish you all continued success in your endeavours, and may the insights gained here guide us toward a brighter future in our profession.