of less competent it users during the transition towards a more digital economy. important innovations are currently being made in the target instant payment settlement ( tips ) infrastructure, managed by the bank of italy, which will allow users to make transactions on their mobile phones in real time and will considerably increase the number of financial intermediaries connected to this system. the initiatives of our new directorate general for consumer protection and financial education include the commitment to promoting financial education to cope with the current environment, in which the use of digital channels for using payment, investment and lending services is growing steadily. strengthening and coordinating our initiatives relating to technological innovation for the financial sector and the functions linked to retail payment services – from cash circulation to monitoring digital payment services and instruments – is promoted in the bank of italy by a department dedicated to the integrated management of these activities. the dialogue with operators takes place firstly via the ‘ fintech channel ’, which provides advance knowledge of new projects in order to assess their compliance with legislation and identify potential problems, and secondly via the processes for authorizing market access. our plans for collaborating with industry and for supporting projects that can bring systemwide benefits, for selecting contributions from experts and independent firms, and for research and analyses in tandem with institutions and universities will all be reinforced by the creation of the ‘ milano hub ’ centre, due to start by the end of the year. * * * the better than expected recovery in economic activity observed over the summer shows how 6 / 7 bis central bankers'speeches the italian economy maintains a considerable ability to recover and is proof of the effectiveness of the monetary and fiscal policies introduced to protect households and firms and to boost aggregate demand. nevertheless, there is the risk that the repercussions of the health crisis for the global economy, for the euro area and for italy may be with us for some time to come, even after the emergency is over. this is due to the impact of the effects of the uncertainty over the economic outlook on savings and on aggregate demand, of the difficulties we will encounter when coming out of a phase of too low inflation, of the need, which will emerge in any case, for a broad reallocation of resources between sectors and firms, and of the needs linked to the digital revolution, to the new ways of working and producing, to the transition to a low - carbon economy and to the challenges facing the financial system. it is precisely for this reason that we cannot focus solely on responding to the emergency. italy must deal with the

any undue advantages or disadvantages. moreover, the ssm places a strong emphasis on transparency and accountability. it is essential that both the market and the entities under supervision have a clear view of 1 / 4 bis - central bankers'speeches our policy stances and of our supervisory process and its results. this is not only a good practice for financial authorities, it is the backbone of mutual trust and confidence. the ssm has integrated our voices and efforts, in the pursuit of the'one team spirit ', enabling us to leverage different supervisory cultures and diverse operational experiences under a unified ssm methodology. thus, the ssm has capitalized on the histories of the national supervisory authorities, guided by a shared european vision. however, as we reflect on our accomplishments, we must not rest on our laurels. the global financial landscape is continually evolving, and our european framework must evolve with it. as we chart our path forward, there are specific aspects that warrant our continuous attention and effort. first, there are the differences in national regulatory regimes : while the ssm has made significant strides in harmonizing supervisory practices across europe, we must remain committed to working on the progressive reduction of disparities between national regulatory regimes in several areas. by the same token, we are still awaiting the completion of the third pillar, the european deposit insurance scheme ( edis ). the puzzle is not yet complete, but we remain confident that we will ultimately get there. second, the sense of belonging to a single system for our resources : this is an issue that has been at the forefront of discussions, particularly with the initiation of the ssm integration project.... and challenges ahead while we take pride in our achievements, it is equally important that we address the challenges and potential vulnerabilities affecting the financial industry, calling for changes in our supervisory approach. one of the critical areas of concern pertains to the ssm's primary focus on supervising banking groups, which constitute just one facet of the broader financial landscape. however, non - bank financial intermediation, encompassing entities such as financial intermediaries, asset management firms, investment funds and payment service providers, has seen significant growth over the past decade and is strongly interconnected with the banking system. while this evolution is a positive development in terms of fostering financial integration and bolstering economic growth, it also introduces heightened risks to the financial system. increasing competition and potential spill - over effects cannot be disregarded from a