Managing the implications of the digital transition effectively is a crucial challenge for the financial system. The Bank of Italy supports and promotes innovation by ensuring that market infrastructures are safe and efficient, that the regulatory framework and risk management processes are up to date, and by providing consumer protection and financial education.
Other proposals include more explicit liquidity requirements (similar to those described above for New Zealand),  2  BIS Review 119/2010  arrangements for greater international coordination of supervision and revisions to international financial accounting standards.