clear that demand for senior sbbs would be enhanced by more extensive reforms that would encourage banks to adjust their current holdings of government debt. still, there is a diversity of opinion among taskforce members as to whether such banking regulation reforms are needed for success ( especially in relation to the fostering of banking union ), while taking into account the important role for non - bank investors in sovereign debt markets. after the necessary regulatory adjustments have been implemented, market development should be led by demand from investors. over time, a deep and liquid market could develop. the senior security could become a benchmark low - risk asset, which the euro area as a whole currently lacks. with such an asset, banks would be safer and capital markets more efficient. accordingly, the sbbs asset class could support the completion of banking union, capital markets union and monetary union, without weakening market discipline and without taking steps towards fiscal risk sharing. at the same time, there are many other factors at work in driving the dynamics of european integration on all three fronts and it is important to bear in mind the interactions between sbbs and these myriad other influences. as discussions on the nature and extent of european integration continue to unfold in the coming months, the taskforce report may be helpful in providing guidance on the potential role of sbbs in the broader design of the european monetary and financial architecture. 3 / 4 bis central bankers'speeches diversity let me turn to my third topic : diversity in the financial services industry. the inclusion of this issue as part of this year ’ s european financial forum is indicative of the welcome and necessary recognition of the importance of improving diversity across the financial services industry. at the central bank of ireland, we have increased our focus on diversity over the last couple of years, in relation both to the firms that we regulate and also ourselves. we have focused on diversity from a regulatory perspective because there is strong research to show that diversity at senior levels of regulated entities can help to reduce the likelihood of group think, increase the level of challenge and improve decision making and risk management. there is also a clear connection between the diversity in an organisation and its culture. these are all attributes that as a regulator we care about. group think, in particular, was identified in the nyberg report as a contributing factor to the financial crisis in ireland. the financial services industry can certainly expect to see a continued increase in the intensity and intrusiveness of our engagement on diversity. as an employer, we see the importance of

allows the use of central bank money for settling trades in securities on dlt - based platforms. in close contact with consob and the ministry of economy and finance, we have also begun the processes for the authorization and supervision activities envisaged in the markets in crypto - assets regulation ( micar ) and the pilot regulation for market infrastructures based on dlts. at global level, we have contributed to setting the standards for the prudential treatment of bank exposures in crypto - assets published by the basel committee last december. within the financial stability board, we are participating both in developing the general recommendations for these markets and in updating the recommendations for global stablecoins, which will be published in mid2023. technological innovation, in addition to the risks arising from the creation of new financial instruments, increases the exposure of financial institutions and market infrastructures to cyber risks. the extensive use of outsourcing of it services and the high concentration of this market led to an increase in the number of banks subject to cyber attacks in 2022 compared with the previous year, although the number of individual events declined. supervisory action to mitigate the interconnection risks caused by outsourcing services to external providers, which has already been 9 / 11 bis - central bankers'speeches strengthened in the last few years, could have additional tools at its disposal thanks to the recent adoption of the new european digital operational resilience act ( dora ). more generally, the action of the bank of italy and the other competent authorities is aimed at making advanced cyber risk self - assessment tools available to financial intermediaries and market infrastructure managers. to this end, consob, ivass and the bank of italy have recently implemented the european tiber - eu model, developed by the eurosystem, adopting the guida tiber - it for their respective areas of competence. this guide provides a methodology that can be adopted on a voluntary basis by financial entities to verify and enhance their own capabilities in terms of protection against, detection of and response to cyber attacks. the three authorities provide support to those that decide to undergo the test and verify their compliance with the requirements of the national framework and, if necessary, carry out activities to ensure mutual recognition in other european jurisdictions. * * * the russian invasion of ukraine has forced us to tackle a very difficult cyclical phase, characterized by extremely high uncertainty. in the euro area, the high level of inflation is hitting households hard, especially those who