has made possible large savings in resources and improvements in services in the payment sector. we have reduced internal administration and reinforced banking and financial supervision. the governing board and bis central bankers ’ speeches the board of directors agree on the objective of eliminating most of the bank ’ s network at the provincial level. we have not ceased to recruit staff, using transparent and merit - based procedures, including innovative methods, to select highly qualified young people. women account for 35 per cent of all personnel and 23 per cent of employees with managerial responsibilities ; both percentages are rising. we promote gender equality in recruitment, in the assignment of positions and in career progression. we will continue to do so in the interest of good administration. i wish to convey my personal thanks and those of the governing board to the managers, directors and all the staff who work for the bank of italy, proudly performing their public duties with discipline and honour, as the constitution requires ; capable, when times are hard, of an outstanding, self - sacrificing commitment of effort, skill, passion, dedication and openness to change. the bank and the country know they can count on them. monetary policy in the euro area conditions on the global financial markets have improved, but the world economy has yet to return to a steady growth path. the economic situation differs markedly in the main regions. the major emerging countries are still growing at rapid rates. among the advanced countries, the united states appears to be gradually returning to the rates of growth that characterized the most recent expansions. in japan, aggressively expansive policies, not devoid of risk, are seeking to stimulate economic activity. the euro area is struggling to pull out of recession : demand is dampened by the immediate effects of public and private deleveraging in many countries ; cyclical weakness is spreading to the economies not directly exposed to the sovereign debt crisis. recovery in the euro area requires help from every sphere of economic policy. including by recourse to “ unconventional ” instruments, monetary policy has made an essential contribution to averting serious consequences for financial stability ; it has safeguarded price stability. the tools of intervention have been chosen based on the characteristics of the financial system, the origin of the tensions and the institutional structure : we have aimed first and foremost to support the liquidity of the banks, which in the euro area, more than elsewhere, play a pre - eminent role in financing the economy, and to prevent sovereign debt market distortions from impeding the proper transmission of monetary policy.

supervisory point of view. another significant challenge is that non - bank financial intermediation, in particular the most innovative ones, often fall outside the traditional regulatory perimeter. this regulatory gap can create a blind spot for supervisors, as non - bank financial entities may engage in activities that could pose systemic risks without adequate oversight. it is vital that we strike a balance between regulating non - bank entities to mitigate risks and allowing them to innovate and provide essential financial services. in this regard, the rise of fintech companies adds another layer of complexity to this interconnected landscape. fintech firms often collaborate with banks to offer innovative financial services. their rapid growth and evolution present regulatory challenges, as 2 / 4 bis - central bankers'speeches they can bridge the gap between traditional banking and non - bank financial intermediation, transforming traditional risks into new or different ones, that are harder to grasp. therefore, recognizing and addressing these interconnections and the related risks is crucial. however, we cannot wait for the regulatory framework to address this issue. while we recognize the importance of a thorough legislative process in crafting robust and lasting rules, banking supervision often requires proactive measures to stay ahead of evolving market dynamics, as we are presently witnessing. thus, as we await the establishment of a clearly defined regulatory framework, as supervisors, we are compelled to address the challenge of ensuring thorough and efficient supervision across these interrelated sectors. this responsibility becomes even more critical as we gear up for the implementation of the micar and dora regulations, which will introduce new dynamics in the financial landscape. the ssm is then tasked with fostering collaboration and information - sharing with other relevant authorities, to ensure a coordinated response and consistent oversight across the financial spectrum. this process will entail adaptability, proactive issue identification and resource allocation to address priorities. it will be crucial to follow the risks wherever they may arise. this will indeed pose a significant challenge for the ssm and the supervisory board. in this context, continuing the dialogue with the market will be crucial. the bank of italy initiated this process some years ago, developing three integrated channels of dialogue with the market : milano hub, the regulatory sandbox and the fintech channel. it is clear that as we celebrate the first ten years of the ssm regulation, we stand at a crossroads. in a continuous learning - by - doing process, we are still open to discussing further improvements in our supervisory review and evaluation process, as the last strategic retreat meeting