crisis. it remained resilient during the health emergency, continuing to provide credit to the economy. vulnerabilities persist, however, and must be addressed, particularly in the non - bank financial intermediation ( nbfi ) sector, where regulation remains less stringent. looking ahead, regulatory and supervisory authorities will focus their attention on completing the remaining elements of the reform agenda, including basel iii, resolution frameworks, and nbfi regulations. at the same time, they will look into ways to apply the lessons that have emerged from the pandemic on the functioning of the regulatory framework, such as those concerning the usability of capital buffers, the role of countercyclical elements in prudential regulation, and potential sources of pro - cyclicality. the resilience of the nbfi sector must be strengthened. the first initiatives concern the nbfi segment of money market funds, where policies need to address vulnerabilities stemming from liquidity transformation and from the potential cliff effects produced by regulations. other initiatives will be explored to tackle the risks due to liquidity misalignments in the assets and liabilities of open - ended funds. mitigating climate - related financial risks also requires coordinated action. the g20 finance track aims to encourage a better alignment of both public and private financial commitments with the objectives of the 2015 paris agreement. the re - established g20 sustainable finance study group – now elevated to a fully - fledged working group ( sfw g ) – aims at developing a roadmap of actions involving financial institutions, international organisations and standard - setting bodies, and investors. the high - level symposium on environmental taxation and the conference on climate organised by the italian presidency in venice, respectively on 8 and 11 july, will provide important opportunities for discussing these issues and assessing the actions and commitments needed in the run - up to the cop - 26. coordinated action is also needed to strengthen the monitoring, measurement and management of climate - related financial risk. the financial stability board ( fsb ) coordinates the work on identifying and filling the data gaps, and promoting higher quality and comparability of information between jurisdictions, firms, and financial institutions. financial firms ’ valuations of sustainability risks could be improved if they were supported by the implementation of disclosure requirements or guidance, based on the recommendations issued by the fsb ’ s task force on climate - related financial disclosures. further cooperative efforts are needed to speed up convergence towards a baseline international reporting standard

for disclosing climate - related risks. 2 / 4 bis central bankers'speeches in may, the g20 sfw g hosted a sustainable finance roundtable, a public event involving the private sector. the event provided two new insights. first, there is growing interest in the need to improve reporting, including on other sustainability issues such as biodiversity. second, special attention should be devoted to setting achievable conditions for small and medium - sized firms regarding the disclosure of climate - related risks, which should in any case consider the principles of proportionality and cost efficiency. financial inclusion and international digital cooperation the shift to digital financial services deserves close attention since it offers new opportunities but, if not carefully governed, could also generate undesirable consequences. not only may it lead to new forms of exclusion, making access to finance more unequal, but it may also favour irresponsible financial behaviour, such as over - indebtedness. we must work together in the g20 to ensure that the benefits of digitalisation are widely shared. the outcome will depend, crucially, on the development and accessibility of digital infrastructures, the degree of financial and digital literacy, and the adequacy of governance, especially in the fields of regulation and supervision. there are two main and complementary areas of intervention. one concerns the digital and financial competences of individuals and firms, which must be raised through education, an essential tool for people ’ s empowerment, active citizenship and well - being. as co - chair of the g20 global partnership for financial inclusion, we have made a full commitment to delivering on the multi - annual agenda recently endorsed by the g20. the second area revolves around fostering more innovative regulatory and supervisory approaches to steer and encourage the development of inclusive and responsible digital financial services, while granting adequate protection to customers, not least from cyber risk. our work programme also gives priority to initiatives such as the g20 roadmap, coordinated by the fsb, aimed at promoting the development of cross - border payments, to make them cheaper, faster, more transparent and inclusive. a key output of the roadmap is the identification of a set of qualitative and quantitative targets in the four main areas of costs, speed, access, and transparency. on 27 – 28 september, the bank of italy will host an international conference in which we will take stock of the roadmap one year after its launch. the roles played by businesses and governments in the payment