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Savona tugs Draghi, Bernardo’s passions, first appointment of Scannapieco in CDP

3 years ago babelfish

Savona tugs Draghi, Bernardo's passions, first appointment of Scannapieco in CDP

Not only Savona, Bernardo, Conte, Casalino, Scannapieco and Cdp. Facts, names, numbers, curiosities and controversies. Bits of press review in the tweets of Michele Arnese, director of Start

PNRR, ENLARGED OR FLOODED CONTROL BOOTH?

SAVONA SHAKES DRAGONS AND FRANCO ABOUT CRYPTOCURRENCIES

PLAN B OF CONTE AND CASALINO

THE POLITICAL AND INTELLECTUAL PASSIONS OF BERNARDO

AIRPORT REQUESTS

THE REQUESTS OF HACKERS

THE AMERICANS GO AWAY AND TURN THE LIGHTS OUT

ISRAEL MAKES MARAMEO THE DELTA VARIANT

ARAB PROCUREMENT

FOREIGN SHOPPING IN ITALY

CHAIRS & STOOLS

RAFFAELLA CARRA 'REMEMBERED BY BARBARA BONCOMPAGNI

FLASH ON CARRA '

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EXTRACT FROM A SPEECH BY PAOLO SAVONA, CONSOB PRESIDENT, ON SOLE 24 ORE:

The river in flood of cryptocurrencies flows quite freely on two banks composed of official documents and articles by scholars and operators, whose left bank is formed by writings in favor and the droit by those against. Many of these writings can be ignored because they do not delve into the problem, while others require careful scrutiny, such as the November 2020 paper by Gary Gensler, recently appointed Chairman of the US Security Exchange Commission by President Biden.

this paper is intended for those who know the subject it is not necessary to enter into the merits of the definitions given and their use. Instead, what requires specific understanding are the policy considerations it draws. The first is that the extended use of new forms of artificial intelligence can converge towards a uniform behavior of operators, causing a situation in which the error of one is transmitted to the others, increasing the systemic risk also for the action of networks. of interoperability without adequate regulation.

To deal with this situation, Gensler suggests to face some stages of approach: 1. to carry out a census of the dependencies of the market operators on the data and software they process used to capture the system interconnections; 2. update the risk assessment models used by supervisory authorities to better capture those arising from the spread of deep learning methods; 3. to equip the units operating on the market with mechanisms capable of absorbing losses, of the type tested with the rules established for bank capital. He also adds that the supervisory authorities should urge the diversity of models with the aim of improving their competition in terms of understanding, fairness and their robustness to better respond to the purpose. Particular attention is paid to the dependence on finance of companies that provide AI services, with explicit reference to Big Tech. Finally, Gensler suggests having a well-organized paraphernalia to be activated promptly to stop systemic crises (in jargon “kill witches”) and reverse their trend before it takes hold; adds that among these instruments central banks must have plans to activate their powers of last resort. This is the only reference to the problem of monetary policy in the paper, which does not examine the competition between sovereign and private currencies, preparatory to implement the Plan hypothesized by Gensler. Therefore, I reiterate that the time for analysis is now over and it is necessary to overcome indecisions, establishing common rules at the level of

democrats. Italy must prepare to express its own vision of the problem to participate in this hypothetical international meeting or, if the times of the market were faster than the times of politics, to face the flood of virtual instruments within the limits of its capabilities.

This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/mondo/savona-strattona-draghi-le-passioni-di-bernardo-prima-nomina-di-scannapieco-in-cdp/ on Wed, 07 Jul 2021 07:20:53 +0000.