##a ), frankfurt am main, 24 august 2021. work stream on non - bank financial intermediation ( 2021 ) “ non - bank financial intermediation in the euro area : implications for monetary policy transmission and key vulnerabilities ” ecb occasional paper series, 270 / september 2021. 19. the fsb created a system - wide monitoring framework to track developments in nbfis in response to a g20 leaders ’ request at the seoul summit in 2010. 20. kristalina georgieva ( 2021 ) “ financial stability priority : boosting the resilience of investment funds ” imf managing director launch event for “ investment funds and financial stability ” paper. 21. fabio panetta ( 2022 ) “ patient monetary policy amid a rocky recovery ” speech by fabio panetta, member of the executive board of the ecb, at sciences po, 24 november 2021.

‘ long - term investing and sustainable finance : challenges and perspectives ’ welcome address by paolo angelini deputy governor of the bank of italy banca d ’ italia and lti workshop ‘ long - term investors ’ trends : theory and practice ’ rome 11 july 2022 1. introduction i am glad to welcome you to the third banca d ’ italia and lti joint workshop on ‘ long - term investors ’ trends : theory and practice ’. we held the previous edition online. this year we can again benefit from being here in person. however, thanks to one of the few positive consequences of the covid - 19 epidemic, we will also have remote interaction, to broaden participation as much as possible. i am very happy about our continued collaboration with lti. directing investments toward longterm objectives contributes to durable, sustainable and inclusive economic growth and to the stability of the financial system. today, i would like to focus on the issue of sustainability, which is also the topic of two interesting contributions in this workshop. banca d ’ italia has long been active on this front. since 2010 we publish an annual environment report, documenting the ecological footprint of the bank and our efforts to reduce it. last year, during the italian presidency of the g20, the bank played a leading role in defining an ambitious multi - year agenda for sustainable finance and the fight against climate change. 1 one of the cornerstones of the agenda is the attempt to redirect financial flows to support the transition towards a sustainable economy. we took several initiatives aimed at addressing the need for highquality, granular, and internationally comparable data. 2 in 2022, the bank also became a member of the steering committee of the network for greening the financial system ( ngfs ). internally, we set up a climate change and sustainability committee, which helps define the bank ’ s financial strategy, and a permanent hub of experts to stimulate and coordinate analyses and policy initiatives across the various directorates involved. 3 there are important challenges – also of a theoretical nature – on the road to sustainability, which need to be addressed by policymakers, academia, and industry players. i shall elaborate on some of these issues, mainly from the perspective of the financial investor, without the pretense of being exhaustive. 4 2. sustainable finance : key challenges there is a general consensus that we need to improve the quality, comparability and availability of non - financial data. the most widespread metrics are the so - called