data is not complete. repos that are settled in the books of custodian banks or in commercial bank money are not reflected, for instance in payment systems settling in central bank money, as target. furthermore, there is no link in target data to the settlement of the securities leg of a repo transaction, therefore repo - related cash transfers cannot be separated from other payments. analytical efforts are ongoing to design algorithms that identify the repo - related payments indirectly, but this may not be enough for repo market monitoring purposes. repo - related deliveries of securities for collateral purposes are not singled out from other instructions to deliver securities, for instance from outright trades. furthermore, participants in payment and settlement systems are largely banks ; therefore the shadow - banking dimension is not reflected in payment balances even when banks act as intermediaries for non - bank entities. second, reflecting the european market and the post - trade landscape, data is fragmented across infrastructures and countries. the euro repo market relies on a variety of securities clearing and settlement systems ( ccps, csds and icsds, triparty agents, custodian banks ) and data may be available only in different formats. third, data is not easily available. even in those cases where the national supervisors and overseers may have access to the repo data available at the local market infrastructure ( for example at ccps ) this is not enough to build a complete picture and timely monitor developments in the market. a central view is indispensable to gain insight from the wider financial stability perspective. bis central bankers ’ speeches v. proposal for a database on the euro repo market the ecb has a keen interest in obtaining detailed information on repo market activity both for monetary policy implementation and financial stability considerations. any financial transaction that significantly affects the functioning of money markets is relevant for the transmission mechanism of monetary policy as well as for the operational framework of monetary policy implementation. the continuous gain in importance of the repo market is consequently of great importance for the eurosystem. an assessment of financial intermediaries ’ funding environment and financing activities is also a key element of any financial stability analysis. the monitoring of underlying developments on the basis of a regular data collection would benefit the ecb ’ s tasks in pointing to potential risks stemming from this market. while differences in market structure ought to be taken into account, the u. s. model may provide a starting point for a european blueprint. in the u. s

climate uncertainties ” ). climate and econometric models that integrate different climate scenarios and their potential economic impacts to assess these risks are being developed and refined, but measuring the economic costs of climate change ( and of climate policies ) is a work in progress. we can assess the immediate costs of more frequent and intense natural disasters, but most of the potential costs lie beyond the typical horizon of economic and financial analyses. climate change risks can unfold through the economy, especially if the transition to net zero emissions proves poorly designed or hard to coordinate globally, with ensuing disruptions to international trade. financial stability concerns arise when asset prices adjust too quickly, reflecting unforeseeable realisations of transition or physical risks. however, it is unclear how much today ’ s asset prices reflect the extent of the policy actions required to limit global warming to [UNK] or their impact on the economy and the financial system. a major challenge for financial investors is then how to align the incentives to channel 1 / 2 bis central bankers'speeches entrepreneurship towards productive and beneficial activities such as technological innovation and, at the same time, prevent unproductive destructive activities that damage the environment. this is why we believe that interacting with start - ups and fintech in such endeavour could be very useful, and why we are today in milan where our financial innovation centre, the bank of italy ’ s milano hub, has recently started to operate. indeed, we are convinced that this interaction may bear considerable fruits in several areas. currently, we are looking for contributions in the field of artificial intelligence in improving the provision of banking, financial and payment services to businesses, households and the public administration. the proposals should focus on financial inclusion, sound consumer protection, and data security. to conclude, this techsprint seems to me a well - designed contribution to foster innovation in an area, such as the fight against climate change, where both data and methodological gaps prevent accurate and sound data - driven solutions. it attempts to spur the public and private sector to identify profitable cooperative solutions aimed at achieving sustainable development goals. winners should go well beyond the prizes, towards the pursuit of reliable and sound solutions for sustaining the development of a solid green finance market. and we encourage all finalists to continue to refine their proposals, because financial authorities and market players avidly await new technological solutions to bridge the present informational gaps. if fostering interaction and competition among companies is important in normal times, it is even more so in times when problems are more