undermining the confidence of savers in the credibility of the debt reduction process. as the bank of italy has pointed out on more than one occasion, the success of long - term debt reduction is also dependent on how well the public finances can cope with rising expenditure tied to the ageing population. the update indicates, rightly, that the pension reforms introduced in the last 20 years have significantly improved both the sustainability and the intergenerational fairness of the italian pension system. it is critical that we do not lose ground on these two fronts, especially when – as demonstrated by the european commission ’ s latest long - term age - related expenditure projections – the risks to the sustainability of the public finances are also increasing due to worsening demographic projections. * * * restoring the italian economy to a path of sustained economic development is a structural matter ; it depends on the continuation of the reform process of all those aspects of public action and the functioning of the economy and society that affect firms ’ ability to compete. much has already been done : gross domestic product, while still lower than it was before the crisis, has risen by more than 5 points since its 2013 trough ; investment has increased by about 15 points ; the number of those in employment, which has risen by more than 1 million, has hit an all - time high. the productive fabric of the country has strengthened, especially in the export sector ; the difficulties encountered by the banking system have been alleviated with the improvement in the real economy and the reduction in non - performing loans ; the balance of payments has recorded a current account surplus since 2013 ; in june our country ’ s net debtor position was equal to 3. 4 per cent of gdp, almost 20 percentage points lower than it was in 2013. there remain, however, large imbalances in the labour market, widespread income losses compared with ten years ago, and serious problems of poverty and social exclusion. although the worst of the crisis is now years behind us, there is still much to do to place the italian economy on a stable path to higher growth. greater wealth and job creation is also key to helping those who are most vulnerable. public services should be made more efficient, the quality of our human capital improved, and competitive mechanisms strengthened. in addition to this, the debt - to - gdp ratio should be lowered decisively. the debt is, for italy, the great multiplier of turbulence. given its size and the need to service each year a significant amount ( around

ignazio visco : awards ceremony for the g20 techsprint on green and sustainable finance welcome remarks mr ignazio visco, governor of the bank of italy, at the awards ceremony for the g20 techsprint on green and sustainable finance, organized by the bank of italy and the bank for international settlements, milan, 25 october 2021. * * * i am delighted to welcome you to this awards ceremony for the second g20 techsprint on green and sustainable finance organized by the bank of italy and the bank for international settlements. i would like to thank benoit cœure, andrew mccormack and the whole team from the singapore bis innovation hub for their invaluable cooperation in all the steps of our techsprint. techsprints are technological competitions designed to spur innovation, collaboration and creative solutions to daunting problems. our g20 techsprint had a very ambitious goal. it was designed to help financial markets in sharpening their assessment and selection tools for channeling funds towards green and sustainable finance, leveraging on the latest technologies. fintech and innovators were summoned to put forward their best solutions. i am very pleased that the improvement in the public health situation, following remarkable progress in the vaccination campaign, allows me to be here in milan to acknowledge the achievements of the 21 brilliant finalist teams who have offered valuable technological contributions in a very special area. indeed, finding ways to foster appropriate green and sustainable finance to invest in the crucial fight against climate change has been one of the key priorities of the italian presidency of the g20 this year. the urgency of acting to stop climate change and of mitigating its consequences is plain to see. the increase in the intensity and frequency of extreme weather events has obvious, and major, social, as well as economic, consequences. central banks and supervisory authorities, international institutions and market participants have therefore been paying significant and increasing attention in recent years to developing a better understanding of the implications of climate change for the financial sector and financial stability. in fact, climate change - related financial risks pose both micro - and macroprudential concerns, but analysis and research are still at an early stage. although there is broad consensus within the scientific community on the trends and causes of climate change, the timing and magnitude of future climate outcomes remain uncertain. this range of possible future physical outcomes arising from climate change is crucial to understanding “ climate risks ” ( or better again, “