piero cipollone : towards psd3 - the dynamics of digitalized payment systems speech by mr piero cipollone, deputy governor of the bank of italy, at the international conference roma tre university, rome, 14 april 2023. * * * good morning everyone, i would like to thank the organizers for inviting me to this conference to talk about the path towards psd3. the payments sector is a key component of the european single market. because of its lingering fragmentation along national borders, it has been the focus of several technical and regulatory interventions aimed at improving harmonization among member states. during this journey, psd2 has been a landmark : it has brought about greater harmonization and competition in payment services. however, two more milestones need to be achieved before we can claim the creation of a single eu retail payments market : to complete the job and thereby allow innovation to be as disruptive as it was meant to be in psd2 and to embed in the regulation the dramatic changes in the technological landscape since psd2 came into force. as for completing the job, three hurdles need to be overcome : first, the lack of full harmonization and complete application of the rules across member states ; as a matter of fact, the payment services framework still needs to be fully aligned with other eu policies and legislation : i am referring in particular to the general data protection regulation - gdpr, the electronic money directive - emd2 and the market in cryptoassets regulation - micar. the cost of payment services is the second obstacle ; it can be further reduced by fostering stronger competition within and across member states. third, the role of technological providers ( including bigtechs ) in the payments sector still needs to be clarified. as regards the technological shift, we should consider that psd2 entered into force in italy in 2018 ; back then, worlds such as smart contracts, defi, consensus mechanism, dao and dlts did not even exist and, when they did, they were unknown to most of us. today they are part of everyday jargon and they have made their way into important legislation. as a matter of fact, the pilot regime entered into force on march 23. this is a legal framework that supports those who want to use dlts to issue, trade, regulate and store assets. with the decree enacted on march 17, italy was able to make the needed adjustment to its domestic legislation so that our financial industry can take advantage

ignazio visco : closing of the cultural days of the european central bank – italy 2011 address by mr ignazio visco, governor of the bank of italy, at the closing of the cultural days of the european central bank – italy 2011, european central bank, frankfurt am main, 17 november 2011. * * * mr. president, caro mario, cher christian, colleagues of the central banks, ladies and gentlemen, i attended this evening ’ s closing concert of the european central bank ’ s cultural days dedicated to italy with great pleasure and it is with great pleasure that i now take part in this ceremony in which the baton passes to christian noyer, governor of banque de france. since october 19 the public in frankfurt has had the chance to meet many representatives of contemporary italian culture, artists known and admired the world over and emerging young talents. in this month a gust of italy seems to have blown across frankfurt ( thanks, too, to the coincidence that the cultural events happened to be held at the same time as the installation of an italian president in the eurotower ). after our many years of work together in banca d ’ italia, i again express my best wishes to mario draghi as he takes up the challenge of his new position. music has been the fil rouge of this month of italian culture, inaugurated by the orchestra mozart of bologna under the direction of maestro claudio abbado and concluded this evening by the remarkable and fascinating performance of the orchestra verdi of milan under maestro xian zhang. in between, the master violinist uto ughi performed on the occasion of the charity event. to be sure, there has been no lack of significant moments dedicated to the other expressions of italian culture, with the participation of great contemporary italian writers, such as claudio magris and dacia maraini, and the projection of a series of italian movies in which six directors confronted the theme of the family between tradition and modernity. contemporary music, too, has been showcased, with the virtuoso, high - energy performance of stefano bollani, one of italy ’ s most celebrated young jazz musicians. still, we wanted to open and close the programme in the grand tradition of classical music. the two orchestras – the mozart of bologna and the verdi of milan – have an important common denominator : both are examples of how superb results can be achieved when there is the active will to discover and promote young performers and the conviction that music is both a means of