. no matter how passionate his defence of ifis was, enzo considered ifis ’ criticisms “ a normal and even a positive fact ” because of the ifis ’ own mandate to pursue public goods with public money. in fact, enzo was himself often on the critic ’ s bench, as when he vividly criticized the world bank for lending to middle income countries without proof that these loans would achieve better and more effective ( additional ) development results than commercial loans. for those familiar with the aid debate, enzo ’ s point was an early call for the certification of “ additionality ” of aid money. to the ifis ’ governance enzo devoted a paper, jointly written with another friend that prematurely left us, riccardo faini. the question raised by the paper ’ s title ( “ who runs the ifis? ” ) was addressed with straightforward intellectual honesty asking the data to reveal whether ifis ’ lending was aligned with the financial and commercial interests of their most influential shareholders. the empirical evidence showed the us influence to be pervasive, while europe appeared to limit its influence to its trading partners and japan to asian countries. despite the unequal distribution of power, coalitions were nevertheless necessary to run both ifis. he and riccardo really foresaw the debate on the reform of the ifis. bis central bankers ’ speeches shouldn ’ t developing countries ’ voting power be better aligned with their economic weight? should the objective of greater weight be pursued by promoting regional initiatives, such as the proposal of an asian monetary fund? could new broader groups such as the g20 provide a better coordination? after the crisis there is a growing need of coordination of economic policies in order to reduce instability and uncertainty. several international fora can coexist and usefully complement each other. the g20, even though it has no universal membership, has been particularly effective on a broad set of policy issues even before they are submitted for discussion to the boards of the international financial institutions. recent experience in europe has also shown how regional institutions like the efsf can usefully collaborate with the imf and can greatly leverage the imf funds. 4. conclusions these few thoughts about the life and work of enzo grilli bear witness of his eclectic approach to discipline of economics, as well as of his intellectual and moral integrity. he once claimed that “ economic growth, which is an essential condition for development, is not a mysterious process (... ) ”. of course, this does not mean

. the debate will also continue on private and public digital currencies that might appear on the global scene. the digitalization of finance must be suitably governed, as it provides considerable opportunities but also brings new risks, such as that of excluding the most vulnerable. this includes the initiatives designed to ensure protection for customers and for their data. for retail payments, especially for remote card transactions, strong customer authentication solutions have been adopted to give further support to the development of e - commerce. it is important for the new provisions to be correctly and rapidly implemented by online financial operators and retailers. the work of a dedicated g20 platform ( global partnership for financial inclusion ) will also focus on the theme of financial inclusion and aims to capture the existing gaps, also by refining the tools for measuring them, and to find the most appropriate solutions to remedy them. there will also be a significant focus on the issue of environmental sustainability. finance must necessarily be an active part of strategies to counter climate change, acting rapidly, decisively and with farsightedness while at the same time incorporating the risks it brings in its evaluations. best practices in terms of environmental sustainability, social commitment and corporate management have positive effects on firms ’ economic and financial equilibrium, on risk management and, ultimately, on the well - being of all citizens. investors ’ growing interest is leading to a marked expansion in sustainable finance and thus expanding the availability of capital for funding the transition towards a low - carbon economy. this trend has to be supported by better corporate information ; firms that lag behind in increasing their transparency will find it difficult to attract capital. correctly identifying and quantifying the exposure of their assets to climate risks is also essential for managing them more accurately and effectively. * * * the pandemic, with its terrible toll, is not yet behind us, and much uncertainty remains about the course it will take. considerable efforts are still required to tackle the health emergency and support the hardest hit businesses, workers and households. our economy has demonstrated its capacity to recover. italy must now find the cohesion it needs to return to the path of development, exploiting the opportunity provided by the eu ’ s pandemic response and addressing the structural problems that hold it back in the formation of a common strategy, one that has at its centre the challenges of environmental sustainability and the digital transition. the components of the national recovery and resilience plan, together with a broader recalibration of national policies, must aim to increase growth