alessandra perrazzelli : steering the transition to a quantum - safe world. an internationally coordinated approach keynote speech by ms alessandra perrazzelli, deputy governor of the bank of italy, at the g7 conference on " building the quantum safe financial system : what role for authorities and for the private sector? ", rome, 24 september 2024. * * * introduction good morning and a very warm welcome to this important workshop on how to build a quantum - safe financial system. * i would like to start by thanking prof. cirac sasturain and all the participants in the panel sessions for their insightful and thought - provoking contributions. let me extend my gratitude to all the speakers, panellists, and attendees who have travelled from near and far to come here in rome. your presence and contributions are vital for the success of this workshop. i am confident that through our collective expertise and collaboration in the remainder of the workshop we will succeed in laying out actionable outcomes for steering the financial system's transition towards a quantum - safe world. quantum computing, as already noted by many speakers this morning, has the potential to revolutionize the financial system. thanks to its unparalleled processing power and innovative capabilities, quantum computing can bring about a paradigm shift from the current'digital economy'to a new era of'quantum economy '. such shift encompasses unseen opportunities along with significant challenges for global financial markets, including – in particular – unbalanced access to technology and cybersecurity threats, which we must address with foresight and in a spirit of collaboration. as central banks and financial supervisors, we recognize the importance of striking a balance between steadfastly embracing technological changes on the one hand, and retaining a more cautious approach on the other, in light of the objective of safeguarding the stability, security, and integrity of our financial systems. it is part of our duty to promote and actively participate in the discussion on how to ensure the financial system's transition to the quantum era in the safest possible way, considering the limitations of current technology. quantum computing, while potentially threatening our system for secure communications, will also be instrumental in developing the solutions to restore resiliency in our financial system. in fact, quantum computing is bound to generate an unprecedented combination of opportunities, risks and uncertainties, which must be managed carefully in order to avoid market inertia and fragmentation, and to sustain an orderly and efficient transition to a quantum -

mario draghi : modernisation of the global financial architecture – global financial stability remarks by mr mario draghi, governor of the bank of italy and chairman of the financial stability board, before the committee on economic and monetary affairs of the european parliament, brussels, 17 march 2010. * * * thank you very much for having invited me to take part in this important debate between european and national parliaments. international and regional cooperation and national political leadership are essential complements for achieving global financial reforms ; and the debate in this committee is really helpful for that purpose. it is ultimately national and regional legislatures, accountable to their voters, that must decide and implement reforms. the strains in the global financial system have eased considerably in the last twelve months : the banks are once again raising funds, asset write - downs have diminished. nevertheless, elements of fragility are still present in various parts of the financial system and risks, mainly related to the deterioration of traditional loan books, the bunching of refinancing needs in the next few years, and to new sources of risk such as sovereign risk. it is essential that we can count, in the years to come, on a fully restored ability of the banking sector to perform its essential tasks in the economy. we have come a long way towards strengthening the financial system since this crisis began. but we have hard work ahead of us to finish up. in my remarks, i will focus mainly on these forward challenges. but let me start by taking stock of where we have gotten to. three things have been important in getting us to where we are now : first, the recognition that, in a closely integrated system, we all sit in the same boat ; second, the leadership of the g20 process, in which the eu has played an important role, in agreeing objectives and timelines for substantial reform ; and third, the establishment of mechanisms, such as the fsb, to hasten and coordinate the policy development needed to meet these objectives. when i say we have gotten far, i am speaking to an unprecedented amount of international dialogue and co - operation on important financial system issues, and the resulting substantive changes that either have or are about to come into place. while many issues remain to be resolved, in europe, in the us and elsewhere, we are, collectively, fundamentally reshaping the framework for systemic financial oversight : first, top - down, system - wide oversight arrangements are being put in place at the national, regional and international level. these