meeting of shareholders : “ corruption, criminal activity and tax evasion not only undermine the community but also distort the behaviour of economic agents and market prices, reduce the effectiveness of government action, increase the tax burden on those who do their duty, and restrict productive investment and job creation. well - functioning public administration improves the operation of markets and competition, reduces firms ’ costs, and is reflected in the quality and cost of public services and thus on the tax burden. the efficacy of the reforms depends on it. ” 22. these policy actions should not be eluded. for them to be effective, they must be seen as a part of a fully - fledged strategic reasoning on the prospective functioning of our economies. more generally, while we try to better understand the challenges posed by structural and technological change, there are questions that it is fundamental to address. among them : how should the education system adapt to enable the teaching of those skills essential to keep up with new technologies? how can we enable displaced workers to acquire skills which will not become, or are less likely to become, redundant through computerisation? how can public policy smooth the social impact of technological progress and allow a wider distribution of its fruits? bis central bankers ’ speeches

luigi federico signorini : g20 sustainable finance working group private sector roundtable welcome address by mr luigi federico signorini, senior deputy governor of the bank of italy, at the g20 sustainable finance working group private sector roundtable, online event, 17 may 2021. * * * welcome, and a good day to you all. i am happy to open the private sector roundtable, an event promoted by the g20 presidency and by the chinese and american co - chairs of the sustainable finance working group. the roundtable will focus on the role of finance in helping fight climate change and promoting lowcarbon transition. the g20 finance ministers and central bank governors recently recognised the need to ‘ shape the current economic recovery by investing in innovative technologies and promoting just transitions toward more sustainable economies and societies ’. low - carbon transition is urgent and must be accelerated : the later we act, the greater the costs. it requires an unprecedented and unremitting effort. while quantitative estimates vary, the investments needed for transition are certainly huge ; they need to be sustained for a long time. governments have a central role in that they need to point the way by adopting an appropriate policy framework. a clear and credible path for government regulatory and fiscal action is also a prerequisite for efficient choices on the part of private finance. indeed, while many governments will directly invest their own money in many countries and mdbs will play their part, it is likely that the private sector will be called upon to finance most transition investment. there will be no transition without a general awareness of the need for it and a willingness, even a desire, to finance it. there are in fact quite a few encouraging signs. since last year, we have seen an explosion of ‘ net - zero commitments ’ in the private sector — though such commitments ( i am told ) are still confined to one sixth of publicly listed companies globally. at the same time, the appetite of ultimate investors and asset managers for ‘ green ’ investment is growing fast. i am sure many in the audience will have a clear perception of this fact. however, the path is still fraught with difficulties. on the market side, while sustainable finance is increasingly popular, it suffers from a lack of clear definitions and standards. ‘ greenwashing ’ is a danger ; good data, an agreed taxonomy, and adequate company disclosure are necessary. global consistency is important, as fragmentation of standards across jurisdictions is confusing for investors and costly for companies. standards are currently being drafted