data producer, the bank of italy has always strived to make its statistics available to the widest possible audience. we already share some data with researchers and other institutions, while protecting confidentiality. we have also started to design a research data centre that will provide a safe haven for processing different kinds of microdata. the number of possible applications of big data for central banks is huge, but some are critical. the financial services sector handles sensitive information about individuals and firms. more data available in digital format makes life easier for analysts but increases exposure to security breaches. as more services go online, data ubiquity, and hence data security, are proving to be a major challenge for both private companies and central banks. financial operators are able to gather massive amounts of data about customers and visitors, which are then analysed to generate insights into buying behaviour. some of this data is personal, and deserves to be protected against inappropriate use. that is a goal that the whole of society must pursue. another important aspect of these innovative technologies is financial stability. new entries have arrived in the landscape of financial services ; fintech is a portmanteau word meaning any application of digital technologies to finance. under this label we can include both giants of the digital world wanting to enter the financial market and tiny start - ups whose ambition is to erode the market power of the incumbents. all this is beneficial to competition and productivity in the financial industry, provided that the new entrants are properly supervised. technology can help to innovate financial products and services currently provided by the traditional industry to the benefit of consumers. however, given all the well - known interconnections between operators in the market, the repercussions of technological innovation on the system ’ s stability are not clear. public institutions like central banks and other financial supervisory authorities should examine the matter carefully. the bank of italy has created an internal multidisciplinary team on big data, machine learning and artificial intelligence. the team includes economists, statisticians and computer scientists from different departments, working in close cooperation with the information technology department. ivass, the insurance supervisory authority working under the umbrella of the bank of italy, has opened a regulatory sandbox for some aspects of fintech / insurtech. to conclude, i am confident this conference will be an important occasion to review the most recent findings on big data econometrics and its application to national institutions, in particular central banks, and

it is becoming increasingly important to monitor not only the performance of economies but also single sectors and investment projects. careful selection in the allocation of resources fosters the expansion of the global economy. italy is endowed with professional and entrepreneurial expertise, labour and savings allowing it to compete successfully with other economies in the new and more competitive european and global environment. the many small firms present in the italian economy can be a strong point, in view of their ability to use new technology and adapt rapidly to changes in external conditions. however, the increase in competition requires a major expansion in innovative sectors, something that larger companies are better able to achieve. the financial system can make a fundamental contribution by making finance available to the most viable investment projects, helping to keep domestic savings in italy and attracting resources from abroad. the restructuring of the credit system under way and the formation of major banking groups will support the activity of medium - sized and large firms and their growth. it is these firms, together with the multitude of highly flexible and productive small enterprises, that can make a decisive contribution to the achievement of higher levels of investment, to the introduction of advanced technology in companiesa€™ modus operandi and production processes and to the growth of savings and employment.