research and official statistics. some of the data we manage are confidential and / or sensitive. the protection of the integrity and confidentiality of data is therefore a key concern. access to data is suitably restricted within the bank, and data management follows clear rules on procedures and responsibility. central banks must also be ready to cope with the increasing demand by the public for access to granular data. as a data producer, the bank of italy has always strived to make its statistics available to the widest possible audience. we already share some data with researchers and other institutions, with appropriate and adequate protection of confidentiality, of course. within the eurosystem ’ s household finance and consumption survey ( hfcs ), italian data are available on request alongside those of other euro - area countries. for firms ’ data, which are much more difficult to anonymize, the bank has developed a remote access system called bird ( bank of italy remote access to data ), which enables users to perform their analyses online, thereby preserving data confidentiality. particularly confidential data might require on - site access. the bank of italy has started to design a research data centre which will have a suitable taxonomy of confidentiality areas. cfr. comment by l. f. signorini to the paper “ ways to improve the use of banking statistics by policy - makers : what is reasonable, what is feasible and what the ssm and the banking union are calling for ” by fernando restoy. seventh ecb conference on statistics ‘ towards the banking union – opportunities and challenges for statistics ’ ecb ( 2015 ). other european countries have already started to work on this ( the centre d ’ acces securise aux donnees in france, the administrative data research network in the uk and the deutsche bundesbank research data and service centre ). in addition, we need to find solutions to allow us to link microdata belonging to different institutions without compromising individual confidentiality. the explosion of granular data provides many new research opportunities. for all the issues i have highlighted, big data have big potential. in the past two days we have just scratched the surface. more research is surely needed. i wish to thank you all very much for your participation. special thanks to all the speakers, discussants, chairs and participants for making the sessions lively and thoughtprovoking. finally, i would also like to take this opportunity to thank all those involved in preparing this event. designed by the printing and

firm, to the benefit of shareholders. this theory advocates a clear distinction between this narrow mandate of the firm and the broader objectives of society ; the latter, grounded on ethical and social principles, should be pursued by the government. a debate on this theory has emerged in recent years, as the growing concern on esg issues by the public have prompted many leading firms to embrace a broader set of targets than profitability and adopt sustainable policies. for instance, according to c. mayer ( 2018 ), “ prosperity : better business makes the greater good ”, oxford university press, managers should balance a mix of objectives and address the related conflicts of interest by allocating the value created by the firms among shareholders and the other stakeholders, to the benefit of society in the long term. hart and zingales ( 2017 ), “ companies should maximize shareholder welfare not market value ”, journal of law, finance, and accounting no. 2 support the thesis which gives the title to their work, if this is consistent with the firm ’ s shareholder preferences. broccardo, hart, zingales ( 2020 ), “ exit vs voice ”, european corporate governance institute – finance working paper no. 694, argue that if the majority of shareholders is socially responsible, “ voice ” achieves the socially desirable outcome in companies that generate externalities ; whereas in the case they are the minority “ exit ” ( divestment and boycott ) is a more effective strategy. however, the latter policy is not socially optimal. the so - called greenium. see for instance meyer and henide ( 2021 ), “ searching for ‘ greenium ’ ”, ihs markit ; liberati and marinelli ( 2021 ), “ everything you always wanted to know about green bonds ( but were afraid to ask ) ”, banca d ’ italia, occasional papers, n. 654, bank of italy. gfanz ( 2022 ), “ financial institution net - zero transition plans ”, version for public consultation, june, p. 23. this recommendation does not appear in the final version of the report, released last november. this line of reasoning has potentially wide implications for financial intermediaries ’ behavior and for the design of their transition plans. first, it seems doubtful that net zero pledges can be credibly announced without mentioning the potential trade - off with returns. to my knowledge, to date few if any intermediaries have been explicit about this potential trade - off. one possible