outsourcing. one result is stating the obvious : there is some concentration in terms of companies to which banks outsource it functions. apart from concrete bank - specific findings, the reviews have helped us to get a better idea of the risks. and they have made banks more aware of them. we have conducted a stocktake on how it risks are supervised outside the euro area. this helped us to identify best practices ; and it will help us to define our own supervisory expectations. work is ongoing as part of our contribution to the work programme of the european banking authority, the eba. we have conducted quite a few on - site inspections into it and cyber risks, using state - ofthe - art methods. looking ahead, our aim would be to have such inspections every three or four years for large banks. we have set up a reporting framework for cyber incidents. since mid - 2017, banks have been required to report significant cyber incidents. this will help us to quickly react in a crisis and make us aware of common vulnerabilities. drawing on guidelines from the eba, we have developed comprehensive it risk selfassessments for the banks we supervise, including an extensive section on it and cyber security. the results of these assessments will feed into our supervisory review and evaluation process, in which we will also challenge the information provided by banks. we will do so as a result of our insights from on - site inspections and from reports of cyber incidents. the 1 / 2 bis central bankers'speeches information collected will then serve as a basis for a thematic review of it risks. this review will give us a better idea of the overall it risk landscape in the banking industry. it will allow us to identify blind spots early on and define areas which we need to investigate further ; this will eventually feed into our plans for 2019. in addition, the review will also help us to compare banks. partially anonymised feedback could then be shared with them. ladies and gentlemen, there is one thing we need to keep in mind. right from the start, hacks gained a lot of attention, while preventing them did not. in finance, as in many other fields, it is mostly just mundane work that helps to keep things safe. i wonder whether cyber risk is as unique as we are inclined to believe. i have no doubt that we need to take it seriously and that we need to work towards making banks more resilient. in doing so, we should also welcome new ways

ignazio visco : the bank of italy ’ s analysis of household finances concluding remarks by mr ignazio visco, governor of the bank of italy, at the conference “ the bank of italy ’ s analysis of household finances – fifty years of the survey on household income and wealth and the financial accounts ”, rome, 4 december 2015. * * * andrea brandolini contributed widely to these remarks with perceptive suggestions and insights. it is a great pleasure to close this conference celebrating 50 years of the bank of italy ’ s survey on household income and wealth ( shiw ) – and 51 of financial accounts. over half a century, both the micro - data of the former and the aggregate estimates of the latter have provided essential information for the economic and statistical analyses carried out at the bank of italy, informing and influencing its policy - making process. there is also a personal note, however. throughout my long professional life at the bank, i often relied on these data. i hope that you will forgive me if, in these concluding remarks, i shall indulge in some personal memories. prologue : the survey forerunners household budgets have long attracted the attention of social scientists. since the mid - 19th century many researchers have gathered detailed information on expenses and revenues of individual households. these budget data stimulated studies on the consumption behaviour of families of farmers, manual workers and clerks, and contributed to the detection of empirical regularities such as engel ’ s law. italian economists and statisticians played a crucial role in formalising these results. in his classical article on “ the early history of empirical studies of consumer behavior ”, george stigler refers to rodolfo benini and corrado gini as the authors of the first modern statistical demand studies, and to gustavo del vecchio as the first to estimate, in 1912, a ( food ) consumption function. using budget data for a number of countries, del vecchio calculated an income elasticity comprised between 0. 4 and 0. 8, with an average of about 0. 6. 1 the paper presented to this conference by neri, rondinelli and scoccianti implies an income elasticity of about 0. 66, although for total expenditure rather than for food alone. 2 a surprising regularity, a century later! however useful to study consumer behaviour, individual budgets cannot tell us much about the distribution of income or expenditure. in june 1947, the italian minister of the budget luigi einaudi –