” of their economies would therefore be a giant leap in the fight against climate change. in the rest of these remarks, i would like to briefly summarise the main activities that we are carrying out within the finance track of the g20. in doing so, i will also discuss the main messages that i see stemming from this conference through the lens of the work of the g20. they will be a very useful contribution to the steering of g20 activities. the g20 initiatives on sustainable finance the work of the italian presidency of the g20 is articulated around the three pillars of people, planet and prosperity. in line with this vision, contrasting climate change is a key 1 / 7 bis central bankers'speeches priority. in this perspective, the finance track is tackling the issue of how to redirect financial flows to support the transition towards a low - carbon and more sustainable economy and society. the first step has been to revive the sustainable finance study group, proposing the united stated and china, the largest advanced and emerging economies ( and the largest greenhouse gas emitters ) as co - chairs. we are very grateful for their decision to accept this responsibility. in april we agreed to elevate it to a permanent working group ( i. e. sfw g ), as designing an effective transition towards net - zero will remain a priority for the g20 for many years to come. this group has made rapid progress and has taken several initiatives to promote sustainable finance, including some supporting biodiversity conservation. these initiatives are in line with the international priorities stemming from the united nations cop26 on climate change and the cop15 on biodiversity, both to be held this year, and help prioritise these key policy issues. in particular, the group has proposed a sustainable finance roadmap that will be instrumental in future years to address the priorities defined by the g20. the roadmap covers four areas : ( 1 ) market development and alignment of financial flows to climate goals ; ( 2 ) information on sustainability risks and opportunities ; ( 3 ) management of climate and sustainability risks ; ( 4 ) public finance and incentives. the work will be developed by the group in a transparent way, allowing for flexibility and adaptation as international works and priorities evolve over time. one week ago the group hosted a sustainable finance roundtable, a public event involving the private sector. the event offered an in - depth perspective on the agenda, providing two new insights. first, there is growing interest to improve reporting even on

regulator or researcher hat? the interconnectedness case speech by chiara scotti deputy governor of banca d ’ italia eba policy research workshop paris, 6 november 2024 a number of remarkable developments have changed the financial landscape over the past decade. 1 i am pleased to see that the rich programme of this year ’ s conference hosted by the european banking authority covers some important ones. in my keynote speech today, i will start by looking at three areas of change as conduits to highlight what a difficult job i have got myself into and how i go about disentangling the sometimes conflicting forces and signals that come from wearing different hats : that of a regulator and that of a researcher. first of all, new technologies have been changing the way we do business, shop, pay, etc. 2 technological innovation has made it possible to offer new products and services ( e. g. digital assets and services ), and to offer old products and services in a different way ( e. g. online banking ). while technology has become increasingly central to the production function of financial firms, it services are often provided by a few large third - party providers outside the financial industry ( and often outside the regulatory perimeter ), with a rise in the potentially systemic linkages within and among the financial, technological, and more traditional sectors. second, the volume of assets intermediated by non - bank finance has increased over time. if we look at the european union, an area once characterized by a clearly bank - centred financial system, the total assets of non - bank financial intermediaries ( nbfis ) now exceed banks ’ total assets. while the expansion of non - bank finance has a this speech was prepared as an introduction to the academic presentation of the paper by c. brunetti, m. carl, j. gerszten, c. scotti and c. shin ( 2024 ), ‘ interconnectedness in the corporate bond market ’, feds working paper no. 2024 - 66, august, 2024. i would like to thank a. pilati, f. cannata, m. bofondi and n. branzoli for their comments on a preliminary draft. see, for example, f. panetta, ‘ the digital euro : our money wherever, whenever we need it ’, introductory statement at the committee on economic and monetary affairs of the european parliament, 2023 ; a. perrazzelli, ‘ technology and