for disclosing climate - related risks. 2 / 4 bis central bankers'speeches in may, the g20 sfw g hosted a sustainable finance roundtable, a public event involving the private sector. the event provided two new insights. first, there is growing interest in the need to improve reporting, including on other sustainability issues such as biodiversity. second, special attention should be devoted to setting achievable conditions for small and medium - sized firms regarding the disclosure of climate - related risks, which should in any case consider the principles of proportionality and cost efficiency. financial inclusion and international digital cooperation the shift to digital financial services deserves close attention since it offers new opportunities but, if not carefully governed, could also generate undesirable consequences. not only may it lead to new forms of exclusion, making access to finance more unequal, but it may also favour irresponsible financial behaviour, such as over - indebtedness. we must work together in the g20 to ensure that the benefits of digitalisation are widely shared. the outcome will depend, crucially, on the development and accessibility of digital infrastructures, the degree of financial and digital literacy, and the adequacy of governance, especially in the fields of regulation and supervision. there are two main and complementary areas of intervention. one concerns the digital and financial competences of individuals and firms, which must be raised through education, an essential tool for people ’ s empowerment, active citizenship and well - being. as co - chair of the g20 global partnership for financial inclusion, we have made a full commitment to delivering on the multi - annual agenda recently endorsed by the g20. the second area revolves around fostering more innovative regulatory and supervisory approaches to steer and encourage the development of inclusive and responsible digital financial services, while granting adequate protection to customers, not least from cyber risk. our work programme also gives priority to initiatives such as the g20 roadmap, coordinated by the fsb, aimed at promoting the development of cross - border payments, to make them cheaper, faster, more transparent and inclusive. a key output of the roadmap is the identification of a set of qualitative and quantitative targets in the four main areas of costs, speed, access, and transparency. on 27 – 28 september, the bank of italy will host an international conference in which we will take stock of the roadmap one year after its launch. the roles played by businesses and governments in the payment

welcome address luigi federico signorini senior deputy governor of the bank of italy an eu legal framework for macroprudential supervision through borrower - based measures rome, 23 september 2022 ladies and gentlemen, this seminar takes place while the european commission is working on improving the eu macroprudential framework for the banking sector. a legislative proposal may be submitted by the commission to the european parliament and to the council in the first half of 2023. the purpose of this seminar is to stimulate a debate on the initiatives foreseen by the commission in the field of borrower - based measures ( ‘ bbms ’ ). allow me to start this discussion with a few considerations on the current situation, and some very tentative reflections about possible choices for the future. 1 macroprudential policy and monetary policy macroprudential policy has been defined as the use of primarily prudential tools to limit systemic risk. 2 central to this definition is the notion of systemic risk — the risk of disruptions to the provision of financial services as a result of the impairment of all or parts of the financial system, which can cause serious negative consequences for the real economy. by mitigating systemic risk, macroprudential policy ultimately aims to reduce the frequency and severity of financial crises, contributing to overall macroeconomic stability. macroprudential policy seeks to increase the resilience of the financial system to aggregate shocks by building buffers that absorb their impact, thereby preserving its ability to provide credit to the economy. it can limit the build - up of systemic vulnerabilities over time, by reducing the procyclical feedback between asset prices and credit developments and by containing unsustainable increases in leverage and volatile funding. in addition, i wish to thank emilia bonaccorsi, federica ciocchetta, wanda cornacchia, alessio de vincenzo and giuseppe napoletano for their valuable input and comments. imf 2013, imf - fsb - bis 2016. in the structural or ‘ cross - sectional ’ dimension, macroprudential policy can seek to control the build - up of vulnerabilities within the financial system that arise through both interlinkages between financial intermediaries and individual institutions playing a critical role in key markets, which can make them too important to fail. to the extent that macroprudential policy reduces systemic risks and creates buffers, it helps monetary policy achieve its goals in the wake of adverse financial shocks.