ROMA (ITALPRESS) – “To strengthen domestic payment infrastructure also means building tomorrow’s systems, taking full advantage of new technologies. Although digital transformation can change monetary architecture, its foundations remain unchanged. Technology can make the use of currency more functional, but it cannot replace the credibility of an independent central bank and the authority of the State, essential elements on which the confidence placed in the currency itself rests. The central bank currency must remain the ultimate instrument of regulation and operate in continuity with private payment solutions, so as to ensure efficient and secure innovation.” Thus the governor of the Bank of Italy, Fabio Panetta, intervening at the event on “Cross-Border Payments at a Turning Point” at the embassy of Italy in London.
“The G20 roadmap indicated the direction to be followed to improve the functioning of international payments. It is now up to individual countries to draw the course to follow to translate the global agenda into national initiatives. For economies far from the targets – he added –, action measures offer a concrete path to strengthen national infrastructure, remove bottlenecks and prevent progress from being confined to a few jurisdictions. For the most advanced economies, they represent an opportunity and, at the same time, a responsibility: to assume a driving role for the benefit of the most vulnerable economies and the global system as a whole. Efficiency, however, is not enough. Faster, transparent, affordable and low-cost payments only value if the underlying infrastructure remains open, interconnected, resilient and reliable. In an age of increasing strategic rivalry, preserving a global system that privileges connection with the division is not only desirable: it is indispensable. Interconnecting to strengthen stability: this is the guiding principle and the way to follow for the future”, concluded Panetta.
-Photo IPA Agency-
(ITALPRESS).
