In 1981, while Tommaso was serving with the European Commission, an epoch-making regime shift took place, to which he had contributed directly and indirectly: the so-called “divorce” between the Bank of Italy and the Treasury. The Bank ceased to act as residual buyer at Treasury bill auctions, the fundamental first step towards full independence for the Bank’s monetary policy decisions.
We are committed to analysing whether these technologies could lead to lower costs and a more resilient market infrastructure. But we also have to consider how they may affect financial intermediation in general, the role of banks and other market participants, as well as our rules and procedures as regulators. 2.