consumer protection. we have set up a complete and integrated system of innovation facilitators to act as a catalyst in the sector : 1. the fintech channel is the point of contact through which operators can dialogue easily and informally with the bank of italy. they can present projects in the fields of financial services and payments, based on innovative technology, or propose technological solutions designed for banks and financial intermediaries. 2. the regulatory sandbox, in close cooperation with the other two italian supervisory authorities ( ivass and consob ) and with the involvement of the ministry of finance, is a controlled environment where supervised entities and fintech operators will be able to test technologically innovative products and services in the banking, financial and insurance sectors for a limited period of time. 3. milano hub is the innovation centre created by the bank of italy to support the digital evolution of the financial market and encourage the attraction of talent and investments. we are completing the second call for dlt projects, and the third one will be announced in the coming months. 2 / 3 bis - central bankers'speeches this is a unique and privileged perspective for monitoring changes and trends in the financial market, also at international level through cooperation and coordination with foreign authorities, institutions and stakeholders. all the information gathered is a great asset for understanding market dynamics and increasing the awareness of operators'needs and strategies, so as to intercept phenomena of interest promptly, and to identify the most appropriate and effective regulatory and supervisory actions to facilitate the development of fintech, thereby limiting the spread of potential new risks from the outset. these two days of work and debate have provided further value added, giving us and the overall ecosystem interesting empirical, regulatory and policy perspectives and takeaways. in this evolving landscape, the different sessions have provided important scientific contribution on key topics, exploring emerging technologies, their implications for the innovative payments ecosystem, open finance, central bank digital currencies and the potential forms of digital money, closing with their sustainability. as highlighted in the last panel, the interest and the engagement to ensure the greatest compliance with the sustainable development goals is growing among researchers, policymakers and the industry. the discussion embraced all the questions posed by the broader definition of sustainability, encompassing all the social, environmental and economic aspects. achieving the sdgs is indeed a challenging task, also given the amount of resources needed. the only way forward requires all actors – policymakers, industry and the general public – to do their part. i would like to thank

mario draghi : ecb press conference – introductory statement introductory statement by mr mario draghi, president of the european central bank, and mr vitor constancio, vice - president of the european central bank, frankfurt am main, 2 august 2012. * * * ladies and gentlemen, the vice - president and i are very pleased to welcome you to our press conference. we will now report on the outcome of today ’ s meeting of the governing council, which was also attended by the commission vice - president, mr rehn. based on our regular economic and monetary analyses, we decided to keep the key ecb interest rates unchanged, following the decrease of 25 basis points in july. as we said a month ago, inflation should decline further in the course of 2012 and be below 2 % again in 2013. consistent with this picture, the underlying pace of monetary expansion remains subdued. inflation expectations for the euro area economy continue to be firmly anchored in line with our aim of maintaining inflation rates below, but close to, 2 % over the medium term. at the same time, economic growth in the euro area remains weak, with the ongoing tensions in financial markets and heightened uncertainty weighing on confidence and sentiment. a further intensification of financial market tensions has the potential to affect the balance of risks for both growth and inflation on the downside. the governing council extensively discussed the policy options to address the severe malfunctioning in the price formation process in the bond markets of euro area countries. exceptionally high risk premia are observed in government bond prices in several countries and financial fragmentation hinders the effective working of monetary policy. risk premia that are related to fears of the reversibility of the euro are unacceptable, and they need to be addressed in a fundamental manner. the euro is irreversible. in order to create the fundamental conditions for such risk premia to disappear, policymakers in the euro area need to push ahead with fiscal consolidation, structural reform and european institution - building with great determination. as implementation takes time and financial markets often only adjust once success becomes clearly visible, governments must stand ready to activate the efsf / esm in the bond market when exceptional financial market circumstances and risks to financial stability exist – with strict and effective conditionality in line with the established guidelines. the adherence of governments to their commitments and the fulfilment by the efsf / esm of their role are necessary conditions. the governing council, within its mandate to maintain price stability