Invisible yet essential - the contribution of cross-border payments to a better world and a safer financial system
· Fabio Panetta, Governor of the Banca d'Italia (Italy)
Summary written by Dark Majestic in its own words · topics: payments, digital money and crypto-assets, development and emerging economies
FP · Fabio Panetta Wiki · Banca d'Italia WikiInvisible yet essential - the contribution of cross-border payments to a better world and a safer financial systemContextKeynote speech by Fabio Panetta, Governor of the Bank of Italy, at the Asian Development Bank 58th Annual Meeting, Milan, 6 May 2025.
Why it mattersItaly's governor warns that payment systems are increasingly used as tools of political leverage.
Problems raised- Payment systems are taken for granted until they fail.
- Financial infrastructures are used for political leverage.
- Multilateral platforms need governance.
Solutions proposed- Recognise payments as pillars of stability and sovereignty.
- Strengthen domestic payment infrastructures.
- Define governance for multilateral platforms.
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