finance facilitates the diversification of savings and is a primary source of funding for innovative projects, but it can make the financial system more complex and risky. banca d ’ italia carries out in - depth supervision of about 650 non - bank intermediaries with diverse activities and risks. 24 however, strong supervision requires that national efforts be complemented by effective international cooperation. interaction between different national regulatory and supervisory frameworks is necessary to oversee the activity of financial intermediaries operating on a cross - border basis. this is the case for foreign intermediaries providing financial services in italy using the single european passport. 25 this model offers advantages in terms of competition and freedom of choice for savers, but it assumes that supervision is highly effective everywhere, a condition that is not always met. the supervisory rules and practices for non - bank intermediaries need to be strengthened and harmonized across countries. banca d ’ italia is working towards this goal at both european level and as part of the financial stability board. 5. the role of banca d ’ italia in the protection of savings the protection of savings does not end with the supervision of financial intermediaries. it is also about ensuring the smooth operation and integrity of the financial system as a whole. this means working to improve people ’ s financial skills, 26 and hence their ability to make sound investment decisions. it means offering tools to uphold savers ’ banca d ’ italia supervises insurance companies ( 89 at the end of 2023 ) through the italian insurance supervisory authority ( ivass ). other non - bank operators supervised by banca d ’ italia include investment fund managers, investment firms, financial corporations providing loans, crowdfunding service providers, electronic money institutions and payment institutions. the single european passport allows financial intermediaries to freely provide their services in any eu country without the need to establish themselves on their territory. these intermediaries are supervised by their home country authority. as part of its activities in the field of financial education, banca d ’ italia reaches more than 150, 000 people each year, including students, small business owners, and socially and economically vulnerable groups at high risk of financial exclusion. rights quickly and inexpensively. 27 it means protecting the financial system against money laundering and the financing of terrorism. 28 it means taking direct action to counter cyber risks to financial and market infrastructures and making sure that financial intermediaries put the necessary safeguards in place. 29 it means ensuring the efficiency and security of the payment

we need to realize the full potential of the single market ; launch joint projects in innovation and technology, starting with the as i noted recently, italy is the only euro - area country where interest payments on public debt almost match spending on education ; see f. panetta, ‘ if we are not after the essence, then what are we after? ’, speech at the 45th foundation meeting for friendship among peoples, rimini, 21 august 2024. f. panetta, ‘ the governor ’ s concluding remarks for 2023 ’, rome, 31 may 2024. these figures include preliminary estimates for the third quarter of 2024 released on 30 october. f. panetta, ‘ the future of europe ’ s economy amid geopolitical risks and global fragmentation ’, lectio magistralis on the occasion of the conferral of an honorary degree in juridical sciences in banking and finance by the university of roma tre, 23 april 2024 ; f. panetta, ‘ the governor ’ s concluding remarks for 2023 ’, rome, 31 may 2024 ; m. draghi, the future of european competitiveness, september 2024. digital and green transitions ; reduce foreign dependency in the energy and defence sectors ; streamline rules and regulations ; create a centralized and autonomous fiscal capacity ; and address the demographic challenge. italy has an important responsibility in lending credibility to the european project, which it can fulfil by carrying out the investments and reforms laid out in the national recovery and resilience plan, reducing the public debt - to - gdp ratio, and decisively tackling the unresolved issues i have mentioned. 3. monetary stability monetary stability is the second pillar in the protection of savings. inflation worsens the allocation of resources and erodes the real value of savings. 17 in its first two decades of existence, the monetary union ensured moderate inflation. the pandemic and the energy shock, however, changed this : in 2022, consumer prices grew by 10 per cent in the euro area and by 12 per cent in italy. the ecb ’ s monetary tightening actions helped bring inflation down as swiftly as it had risen : today, price growth stands at around 2 per cent for the first time since 2021. the ecb has thus been able to cut its key interest rates in three consecutive governing council meetings since june. however, monetary conditions are still tight and new cuts will be necessary. as inflation subsides, our focus should be on the