differently. for the moment, there is little hope ( or fear? ) of a globally homogeneous, consistent regulatory approach to ai. the first of today ’ s papers12 discusses developments in this area, including the risk that a fragmented global ai market emerges, with isolated regional blocs. regulation and innovation are also the subject of professor aghion ’ s speech today, and i very much look forward to hearing what he will say. and that, ladies and gentlemen, is all from me. let me conclude by just thanking all the speakers, discussants, and organisers. there is a lot to discuss about. i wish you a very productive day. ecb - international relations committee ( 2024 forthcoming ) “ navigating a fragmenting global trading system – some lessons for central banks ”. – governor panetta has discussed trade issue at length in his recent final remarks. burri, m. ( 2024 ) “ the state of global digital trade governance ” working paper presented at the bank of italy ’ s g7 roundtable on 3 june 2024. fritz, j. and giardini ; t. ( 2024 ) “ emerging contours of ai governance and the three layers of regulatory heterogeneity ” working paper presented at the bank of italy ’ s g7 roundtable on 3 june 2024.

for the time being it is likely to remain so. the regulation of data localisation and data flows generates costs for market players ; more so for smaller enterprises, which may lack the resources to cope with a complicated cross - border legal framework. 5 still, the authors of one of today ’ s papers argue – based on new evidence – that data flow regulation can create benefits for consumers and service providers in terms of increased trust, which might offset any regulatory costs. 6 the discussion of the merits and limits of this claim will be interesting. one specific sub - issue concerns the financial sphere. data flow restrictions affect, among other things, the efficiency and integrity of cross - border transactions and payments. 7 the issue of payments belongs to the core of most central banks ’ activity, and the bank of italy is very active in this field. in many ways, technical and regulatory barriers result in cross - border payments remaining slow and expensive. surely, safeguards are needed, e. g. for anti - money laundering and counterterrorism purposes. one needs to find a way to reduce costs and increase speed and convenience without compromising on integrity and safety. there are important international initiatives under way. in today ’ s ‘ policy track ’ panel, the g7 workstream on free data flows within a context of trust, initiated under the japanese presidency with the support of the oecd, will interact with the g20 roadmap on cross - border payments and the related fsb and cpmi agendas. let me now turn to my next point : digital trade. digital trade is booming. according to the oecd, it accounted for 25 per cent of global trade in 2020. 8 it presents us with another trade - off, albeit one that is by no means limited to the digital space : trade openness against domestic policy agendas. 9 in fact, all over the world fragmentation and barriers are more and more of an issue in the global policy discussion nowadays. russia ’ s invasion of ukraine, heightened strategic j. jia, g. zhe jin and l. wagman ( 2021 ) “ the short - run effects of the general data protection regulation on technology venture investment ” marketing science 40, 4 ; r. janßen, r. kesler, m. e. kummer, j. waldfogel ( 2022 ) “ gdpr and the lost generation of innovative apps ” nber wp series. andrenelli, a., bekkers,