the light of the recent events. specifically, the calibration of deposit run - off rates embedded in the lcr and nsfr might need to be adjusted to reflect the increased speed of deposit withdrawals. in addition, one could legitimately ask whether deposit concentration ( which proved to be a key determinant of massive outflows in the svb case ) should play a role in the formulation of the ratios. also, the us cases question whether the current regulatory framework is able to capture the risk of excessive maturity mismatch ( i. e. that the duration of banks ’ funding sources is not properly matched to that of their assets ). the nsfr was designed with this risk in mind, but does not cover the entire maturity structure. specifically, it pools instruments with maturity of one year or more, hence it is unable to differentiate between these securities, based on svb ’ s accounting choices, were to be valued at amortised cost, meaning that the bank did not need to record unrealised losses in the balance sheet or in the profit and loss statement ( unless it had been forced to sell them ). recall that the failed us banks were not subjected to the basel standards. board of governors of the federal reserve system, cit., states that in december 2022 svb would have reported a breach of the lcr requirement, but not for the nsfr. similar results are in two posts by g. feldberg, lessons from applying the liquidity coverage ratio to silicon valley bank, yale school of management, march 2023, and silicon valley bank ’ s liquidity, part two : what about the net stable funding ratio?, april 2023. assets and liabilities with a 18 months ( say ) maturity vs those with a 10 years maturity, or even longer. moving to the supervisory aspects, it is worth recalling that the basel framework requires supervisors to adopt liquidity risk monitoring tools and early warning indicators which should allow them to adopt corrective measures where needed. indeed, supervisors do collect detailed data on liquidity risks, evaluate the soundness of banks ’ liquidity management and can impose additional requirement within the so - called pillar 2 framework in case they detect shortcomings. 13 however, apparently there is little or no harmonization across authorities in the liquidity indicators and, more importantly, in the methodologies to integrate them in the supervisory process. while pillar 2 add - ons are routinely imposed in the capital framework, add -

knowledge hub, bringing its expertise to key development operations in africa. africa's development is critical to achieving the world bank's own goals of poverty eradication and shared prosperity, but it is also essential to a stable global economy and to providing a future for the hundreds of millions of young people who join africa's 2 / 3 bis - central bankers'speeches workforce each year. finally, it would also help alleviate the inevitable migratory pressures. italy's position – at the crossroads of the mediterranean – makes it uniquely well - placed to play an important role in the development of the african continent. the recently launched'piano mattei'reaffirms italy's commitment to the common goal of fighting poverty, reducing inequalities and promoting sustainable growth, while addressing pressing global challenges such as climate change, pandemics and migration. it demonstrates italy's intention to promote high - impact operations in partnership with africa. banca d'italia is ready to work with the world bank, putting its skills and expertise at the service of promoting development in emerging countries, especially in africa. * * * today's conference is an important occasion for developing comprehensive and effective engagement with african countries. i would like to thank the organizers for putting together an impressive programme. i would also like to thank the keynote speakers, the panellists, the moderators and all of you for attending. i look forward to hearing from president banga, governor kalyalya and governor kganyago. the thematic panels – on energy, jobs and digital infrastructure – will delve into some of the key aspects of any growth process and highlight the strategies needed to stimulate investment in these sectors. if we are to build a more balanced, stable and prosperous global economy, then africa's challenges cannot but also be the world's challenges. while we will not resolve all the issues on the table today, i am confident that our discussions will help deepen our understanding of the complex matters at stake and identify viable ways forward. together, through open dialogue and cooperation, we can move closer to fostering a future that benefits not only africa, but the global community as a whole. 1 the loans granted by the world bank, subdivided into eight ( different ) tranches from 1951 to 1965, amounted to about $ 400 million. the idea of acting on the economy as a whole, and not on single projects – was established on the basis of the'big push'theory, a brainchild of paul rosen