the case of the communication on crypto - assets published by the bank of italy to which i referred before. let me give you another example. in europe, the co - legislators have recently agreed over the last months on the regulation on markets in crypto - assets ( mica ) and the regulation on a pilot regime for market infrastructures based on distributed ledger technology. these two regulations represent an attempt to design a comprehensive framework for digital assets. indeed, the mica defines a clear set of rules for crypto - issuers, identifies a clear taxonomy for digital assets, and sets up a supervision architecture including a sanctions regime. with the pilot regime, we allow intermediaries to experiment with new technical solutions for trading digital assets. in both regulations, the co - legislators have tried to achieve a delicate balance between sufficiently flexible rules which do not curb innovation but are adequate for mitigating risks. https : / / www. bancaditalia. it / pubblicazioni / mercati - infrastrutture - e - sistemi - di - pagamento / approfondimenti / 2022 - 026 / n. 26 - misp. pdf innovation facilitators in order to answer the challenges posed by technology, the bank of italy is implementing a clear strategy to support financial institutions and promote the development of a sound and responsible innovation ensuring financial stability and consumer protection. in this contest, resilience and adaptability, the two key words of our conference, play a pivotal role. let me explain. our fintech strategy is based on a twofold approach : 1 ) implementing a set of innovation facilitators able to cover the entire ‘ product life ‑ cycle ’ ; and 2 ) promoting dialogue with all stakeholders in order to share good practices and sound common standards. the set of innovation facilitators is composed of three different initiatives : the fintech channel, milano hub and the regulatory sandbox. the fintech channel is the point of contact through which operators can dialogue easily and informally with the bank of italy. they can present projects in the fields of financial services and payments, based on innovative technology, or propose technological solutions designed for banks and financial intermediaries. since its establishment in 2017, the fintech channel has received over 120 requests for support. these initiatives involve companies in all phases of their life - cycle ( 30 per cent developed and 70 per cent start - ups or projects ), relating to a

effects on systemic risk and growth, ” economic policy 31 ( 2016 ), 51 - 106. savings favours participation in capital markets7 and there is evidence that institutional investors have positive effects on corporate governance. 8 a look at the development of institutional investors in advanced economies highlights the challenges ahead. countries in continental europe continue to lag behind the uk and the us. the gap is all the more serious in the pension funds sector, reflecting the relative weight of funded retirement schemes in national social security systems. the gap is very noticeable in italy. for example, in 2015 the assets managed by pension funds accounted for less than 10 per cent of gdp in italy, compared with more than 100 per cent on average in the uk and the us. we definitely need to attain a more comprehensive understanding of the underdevelopment of institutional investors in most euro - area countries. for all of these reasons, policymakers look favourably at the development of market - based financing and the growth of institutional investors. it must be stressed, however, that banks and market - based finance remain complementary, rather than substituting one another, and that a level playing field should be ensured for all financial intermediaries. if regulatory changes put banks at a disadvantage, firms may end up having difficulties accessing both bank and non - bank forms of external finance. indeed, apart from remaining a vital source of corporate funding, especially for smes, banks are uniquely equipped to help firms to access the capital market. moreover, banks offer contracts ( such as overdrafts or credit lines ) and services ( such as lending assistance ) that are often complementary to market - based finance. these contracts and services can be helpful to firms, especially in periods of distress. 9 * * * to conclude, the corporate sector would greatly benefit from a more developed market - based segment within our financial systems. institutional investors play a pivotal role in this structural evolution. at the european scharfstain, d. s., “ presidential address : pension policy and the financial system, ” the journal of finance, 73 ( 2018 ), 1463 – 1512. mccahery j. a., z. sautner and l. t. starks, “ behind the scenes : the corporate governance preferences of institutional investors, ” the journal of finance, 71 ( 2016 ), 2905 – 2932. bolton, p., x. freixas, l. gambacorta and p. e. mistru