The struggle to reshape the international monetary system - slow- and fast-moving processes
· 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, public finances and debt
FP · Fabio Panetta Wiki · Banca d'Italia WikiThe struggle to reshape the international monetary system - slow- and fast-moving processesContextText of the 2025 Whitaker Lecture by Fabio Panetta, Governor of the Bank of Italy, at the Central Bank of Ireland, Dublin, 9 December 2025.
Why it mattersA Bank of Italy lecture on how the international monetary system is changing, from US debt to dollar stablecoins.
Problems raised- The international monetary system is under strain.
- US public debt is very high.
- Dollar stablecoins could grow large.
Solutions proposed- Adapt policy pragmatically and look ahead.
- Watch both slow and fast changes in the system.
- Strengthen Europe's role in a fragmenting world.
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