##demic, ensured that the economic fallout from the second and further waves was more subdued. the rapid roll - out of vaccines in developed countries led to a gradual lifting of restrictions on economic activity and to a resumption of investment and consumption with far fewer bankruptcies than expected, although at the cost – consciously incurred – of a one - off increase in public debt. many advanced countries have now reached, or are close to reaching, pre - crisis output levels. under the italian presidency, the g20 also took action to help the weakest economies that had been disproportionally hit by covid - 19. it provided support to multilateral mechanisms, ensuring wide access to tests and vaccines. in addition, to address the structural weaknesses highlighted by the pandemic, it established a new panel on prevention and preparedness that advanced proposals to improve the mobilisation of funding and enhance coordination between health and finance ministries and international organisations. work to deliver a shared solution on these issues will continue in the next few months under the indonesian presidency. the g20 also agreed to extend the suspension of debt service payments for 50 countries until 1 / 5 bis central bankers'speeches the end of the year, and to renew efforts to operationalise the common framework for the treatment of the distressed debt of some eligible countries. while the latter has encountered some difficulties, last october g20 ministers and governors reiterated their commitment to make progress. the g20 also agreed to make 650 billion dollars available in additional reserves through a general sdr allocation, with rechannelling options to allow low - income countries to receive further support. on the second issue – the fight against climate change – our presidency began at a time of swiftly rising awareness of the issues raised by climate change among savers, investors, financial market operators and the public at large. the attitude of g20 delegations was ( and is ) also changing. it is no surprise that countries differ widely in their priorities and sensitivities on this issue, but there appeared to be a worldwide surge in the feeling that a conversation on actions needed had to be held within the g20 framework in a multilateral format. the italian presidency, of course, cannot claim to be the prime mover of any of these global developments. however, i think we can fairly say that the presidency quickly sensed the new spirit, and saw the opportunity to channel it into a concrete discussion of steps to take. under our presidency, the sustainable finance study group has been

luigi federico signorini : outcomes of italy ’ s g20 presidency speech by mr luigi federico signorini, senior deputy governor of the bank of italy and president of the insurance supervisory authority ( ivass ), at the eurofi high level seminar 2022, paris, 23 february 2022. * * * good afternoon, ladies and gentlemen. i do appreciate this opportunity to discuss some key steps taken during italy ’ s g20 presidency in 2021. to keep this speech within reasonable limits, i need to be selective. i shall briefly recap the main outcomes of the work of the g20 finance track, and then focus on the results obtained in two areas of direct concern for financial markets, i. e. : ( i ) strengthening the resilience of non - bank financial intermediation ( nbfi ), and ( ii ) preparing the financial sector for a world that is starting to fight climate change seriously. italy took up the g20 presidency in the midst of the pandemic crisis, at a time when global economic activity was suffering from the resurgence of infections and remained well below its pre - covid levels. many low - income and developing countries in particular were lagging far behind in their recovery. in this context, the italian presidency defined three overarching priorities for the financial track of the g20 : to provide quick, strong and cooperative action to step up the policy response to the pandemic, and to lay the groundwork for a more resilient global health system in the future ; to resume the discussion on climate change within the g20, profiting from the new attitude of the us administration in favour of multilateralism as well as from the swift rise of interest in the topic at the global level ; to secure an agreement on international taxation. on the first issue – the response to covid and future preparedness for global health emergencies – in 2020, thanks to the extraordinary public support extended to households and firms in many jurisdictions, as well as to the prompt coordinated response of monetary and other financial policies to the crisis, the world economy had recorded a strong recovery. contrary to what happened at the time of the global financial crisis of 2008, a financial meltdown was avoided this time and the financial system continued to provide critical support to the real economy. a return of the pandemic weighed on the world economy in the winter of 2021. however, continued strong, coordinated policy action, and the experience accumulated during the first wave of the pan