are being exacerbated. in this context, deep - dives analysis and research are key to understanding and managing these new complexities. awareness and clarity are fundamental for both operators and clients to be able to face these challenges, as we are seeing with crypto - assets, and 1 / 3 bis - central bankers'speeches yesterday's panel offered useful insights here. policy and regulatory attention in the crypto ecosystem has increased in the past year. we have felt the need to provide some useful references for consumers, intermediaries, providers and operators of digital infrastructures, with a dedicated communication in june 2022. now at european level, we can also rely on micar, which introduces a clear set of rules to deal with crypto - assets. it is part of the eu's digital finance strategy, together with the eu's digital operational resilience act and the dlt pilot regime. micar represents a significant step forward in this field but, as supervisors, we have to continuously monitor the rapidly changing ecosystem. the speed of innovation is a new complexity, requiring an acceleration and a change in the regulation, which, in the new paradigm, should not only follow innovation, but also address it, by adopting a dynamic and modular approach. it is extremely important that operators, supervisors and regulators acquire suitable competencies to understand the risks ( it, operational, reputational, but also in terms of strategic / business model risk ) that may arise, to deal with the increasing complexity, to guarantee sustainability and to exploit the opportunities that innovation technologies offer. we need to improve knowledge and awareness of the new ecosystem. the dialogue among regulators, academia, industry players and technology providers is fundamental for steering the potential of innovation in a positive direction, in order to take advantage of the opportunities while at the same time navigating the related risks. dialogue is vital : encouraging best practices, i. e. defining common standards and principles in order to encourage the development of sound operating models, also with regard to the economic, social and environmental impact, to ensure an adequate level of interoperability between various technological solutions and their overall sustainability, and not only in terms of esg factors, as the last session highlighted. by leveraging on a constant and constructive dialogue with all the stakeholders involved in the fintech ecosystem, the bank of italy is implementing a clear strategy to support financial institutions and promote the development of sustainable, sound and responsible innovation, thereby ensuring financial stability, financial inclusion and

welcome address by paolo angelini deputy governor of the bank of italy 7th bank of italy - cepr workshop on labour market policies and institutions rome, 19 september 2024 ladies and gentlemen, it is with great pleasure that i welcome you today to the seventh edition of the workshop on labour market policies and institutions, co - organized with the cepr. the labour market is a key component of our economies, providing the foundation for individual livelihoods and societal well - being. the covid - 19 pandemic and its aftermath have accelerated long - term trends that are reshaping our labour markets : technology adoption and rising inequalities. these two issues are receiving much attention, and rightly so, in my view. they run through the papers that will be presented over the next two days, and will be addressed by our keynote speakers. in my remarks today, i would like to share some thoughts on these two related themes. first, the pandemic accelerated the digitalization of our societies. as a result, the demand for workers with digital skills has risen sharply. while this transformation has created new job opportunities, it has also deepened existing wage inequalities, as it mostly benefited high - paid and highly educated workers. 1 automation and generative ai are an important part of this process. these innovations can potentially improve labour productivity and the quality of work, but they also risk displacing some types of jobs, this time also at the top of the earnings distribution. while the ultimate impact of the new technologies on welfare and inequality is still uncertain, it is clear that it can be potentially large. therefore, careful monitoring and analysis will be required to guide policy design in areas such as social protection, welfare and education. it is a privilege to have professor david autor as our keynote speaker on a. adams - prassl, t. boneva, m. golin and c. rauh, “ inequality in the impact of the coronavirus shock : evidence from real time surveys ”, journal of public economics, 2020 ; o. aspachs, r. durante, a. graziano, j. mestres, j. g. montalvo and m. reynal - querol, “ real - time inequality and the welfare state in motion : evidence from covid - 19 in spain ”, economic policy, 2022. f. carta and m. de philippis, “ the impact of the covid - 19 shock on