, and one that will enable and encourage innovation and competition including instant payment at the point of sale. innovation and competition can lead to better, cheaper, payments services in the economy. but, the payment systems on which we depend have to be reliable and robust, prudentially and operationally. regulation, therefore needs to keep pace with the changes in the payments landscape and the proliferation of new actors. the same risks have to be subject to the same regulation. the current regulatory regime focusses on the banks and core payment systems that have traditionally performed most of the functions, the ‘ chain of actions ’, involved in making transactions. but as innovation and competition lengthen that chain of action and introduce more actors into it, the current regulatory framework does not capture the full ‘ end to end ’ risks in the chain. as a result, the financial policy committee of the bank of england has recommended to the treasury ’ s payments review that the regulation and supervision of systemic payments systems should reflect the financial stability risk, rather than the legal form, of payments activities and ensure end - to - end operational and financial resilience across payment chains. 12 similar changes are happening in other countries, both advanced and emerging economies. 13 see https : / / www. bankofengland. co. uk / - / media / boe / files / financial - policy - summary - and - record / 2019 / october - 2019. pdf the committee on payments and market infrastructure reports there are 45 jurisdictions now “ live ” with fast payment services, and know of 12 jurisdictions planning to introduce fast payment services in the future. all speeches are available online at www. bankofengland. co. uk / news / speeches and central banks and others are working through the bis committee on payments and financial market infrastructure and the financial stability board to produce, for the g20, proposals to improve the coverage, efficiency and reliability of current systems for cross border payments. crypto assets and stablecoins it is important to emphasise that the developments we have seen in electronic payment systems we use over the last 50 years have been innovations in the transfer of commercial bank money – the claims we hold on licenced, deposit taking commercial banks – to make transactions. while the technology has changed beyond all recognition, all of these systems are economically the equivalent of 18th century bank clerks with quill pens altering their banks ’ ledgers to debit one account and credit another whilst addressing shortcomings. some of the most high - profile

is our hope and intention that the seminar will not remain an isolated event. the bank of italy, in close accord with the eurosystem, is willing to offer the necessary support for the creation of an institutional framework for the start of a long - lasting collaboration. meetings like the present one can be held periodically on specific topics of interest to the central banks. in classical antiquity the mediterranean did not constitute a barrier between the populations living on its shores. rather, it was a basin of communication for intense trade in commodities and goods, for cultural exchange, for often peaceful, sometimes belligerent relations. in the words of fernand braudel, “ the mediterranean is the world ’ s most ancient crossroads. for thousands of years everything has converged here, mixing, enriching its history : men, beasts of burden, machines, goods, ideas, religions, ways of life ”. this ancient unity, the greek koine and the roman empire, were followed by centuries of troubles and division. the unity that wars had shattered was laboriously but admirably restored in the middle ages at the cultural level, with the contribution of great arab and jewish philosophers, with the recovery of ancient learning, with the synthesis of scholasticism. today, however, we come from a long period, many centuries, of division, conflict, and war between the peoples of the mediterranean, of profound upheaval in europe as well. in the last fifty years, after the second world war, our continent has taken a great stride forward in its history ; fifteen peoples who at times had fought each other fiercely over the centuries have decided to unite in taking a path of economic and civil advancement. these peoples will shortly become twenty - five. today, we are taking the first small but sure steps towards building a new unity of intent in the quest for shared progress around the mediterranean, sustained by the values and cultures of the peoples of africa, the near east and europe and the desire to exchange goods and experiences. peace and trade will necessarily bring prosperity. the importance of the financial dimension for economic development must emerge clearly from today ’ s seminar. let us proceed with humility, but also with commitment, in the search for a common language and shared objectives. this invitation is addressed to those participating in the seminar, but also to the wider financial, economic and civic community which, responding to our call, has welcomed us to this ancient but also modern and beautiful city of naples.