system, which is the backbone of the financial system. 30 banca d ’ italia performs all these tasks, working with law enforcement and judicial authorities, as well as with other national and foreign supervisory and regulatory bodies. * * * banca d ’ italia reviewed 100, 000 complaints from bank customers over the decade 2014 - 23. the banking and financial ombudsman handled 210, 000 complaints, with the assistance of banca d ’ italia ’ s staff. as a result of the latter and of our supervisory activities, more than €1 billion were returned to customers. the insurance ombudsman service will be rolled out over the next few months. banca d ’ italia is responsible for anti - money laundering supervision of financial intermediaries, issues relevant regulations and is involved in setting national and international rules and standards. it carried out about 350 inspections and 1, 300 interventions over 2019 - 23. the financial intelligence unit for italy ( uif ), which works with staff and funding from banca d ’ italia, examines reports of alleged money laundering and terrorist financing ( more than 150, 000 suspicious transactions were reported in 2023 ) and carries out its financial analysis. at national level, banca d ’ italia fosters cooperation with various institutional players through its computer emergency response team ( cert - bi ). together with the italian banking association ( abi ), it chairs the computer emergency response team for the italian financial sector ( certfin ). at european level, banca d ’ italia is a member of the euro cyber resilience board for pan - european financial infrastructures ( ecrb ) and the cyber information and intelligence sharing initiative ( ciisi - eu ) for sharing information and cyber intelligence across systemic financial structures. at national and european level, banca d ’ italia monitors cyber risks in order to strengthen the security and business continuity safeguards of intermediaries. it identifies minimum requirements and measures for information system management. banca d ’ italia manages a large number of italian and european payment infrastructures. for example, at european level, the bank has been involved in the development and is responsible for the operational management of the eurosystem ’ s market infrastructures, consisting of : the t2 system for the real - time gross settlement of large - value transactions in central bank money between financial institutions and with the central bank ; the target2 - securites ( t2s ) platform, which enables securities transactions in central bank money to be settled simultaneously based

few years on monetary policy and banking supervision are critical steps ahead towards a stronger union. financial fragmentation along national lines, which came to represent a hallmark of the euro area crisis, has been reversed by the european response to the crisis ; financial integration is now back to a level comparable to pre - sovereign debt crisis levels, although some fragmentation still remains. however, the recent opposition to a common european deposit insurance scheme is unwelcome news if not outright regress. some claim that for european integration to proceed more collective responsibility needs to be necessarily accompanied by a parallel transfer of sovereignty. one may reply that this transfer of sovereignty has already taken place for monetary policy and banking supervision, without the corresponding introduction of common macroeconomic stabilization mechanisms or common deposit insurance. what is certain, most of the actions needed to strengthen emu calls for trust. a confrontational approach would be detrimental. much can be done at the level of the european institutions – parliament, council, commission – to make them better instruments of a genuine union, rather than a collection of states. each country must continue to build on the progress made so far, before or during the crisis, in macroeconomic and structural adjustment. all must show some understanding for their peers and play their part in renewing a shared sense of purpose and trust. we have to realize that europe ’ s strength lies in the fact that we are united. bis central bankers ’ speeches