La lotta al riciclaggio e al finanziamento del terrorismo La Banca d’Italia è la banca centrale del nostro Paese, ma quanto sappiamo davvero del suo ruolo? Centrale, il podcast della Banca d’Italia, prodotto in collaborazione con Chora Media, è una serie in cinque episodi che ci fa scoprire le sue funzioni e come interessano la nostra vita quotidiana. Attraverso la voce di Clara Morelli, le domande di giovani studenti e le risposte della Banca d’Italia parleremo di politica monetaria, stabilità del sistema finanziario, lotta contro il riciclaggio ed evoluzione dei pagamenti, fino ad arrivare all’Euro digitale. In questo episodio, scopriamo come la Banca d’Italia e la sua Unità di Informazione Finanziaria, in collaborazione con le altre autorità nazionali e internazionali, operano contro il riciclaggio di denaro e il finanziamento del terrorismo. https://www.bancaditalia.it/media/podcast/centrale/

Nel 2024 le vendite delle imprese con almeno 20 addetti sono diminuite nella manifattura e sono rimaste stabili nei servizi privati non finanziari. L’occupazione è ancora cresciuta in entrambi i settori, ma a un tasso inferiore rispetto all’anno precedente. I prezzi di vendita hanno continuato a rallentare e si è ulteriormente ridotta la quota di imprese che hanno aumentato i prezzi di oltre il 2 per cento. La domanda di credito è rimasta contenuta, sebbene in lieve ripresa. I giudizi sulle condizioni di accesso al credito sono migliorati ed è cresciuta la quota di imprese che hanno segnalato una riduzione dei tassi di interesse applicati. La spesa per investimenti è aumentata nei servizi e nel comparto energetico, ma è diminuita nettamente nella manifattura. https://www.bancaditalia.it/pubblicazioni/indagine-imprese/2024-indagini-imprese/index.html

Tariffs and geopolitical conflicts have created uncertainty around the world. But how does the new trade environment affect inflation and the economy? How can central banks adapt? And what is the potential impact on the dominance of the US dollar ? In the third episode of our special Sintra series of the ECB Podcast, our host Paul Gordon talks to London School of Economics Professor Silvana Tenreyro. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 4 July 2025 and recorded on 1 July 2025. In this episode: 01:30 How is the world economy doing? What developments are having an impact on our economy today? And what uncertainties are arising from tariffs, trade fragmentation and armed conflicts in different parts of the world? 03:30 Tariffs, trade fragmentation and the economy How can trade tariffs and fragmentation affect economic growth and inflation in the euro area and beyond? 06:25 How are prices changing? How are prices changing in different countries? Will tariffs cause prices in the United States to rise, and those in Asia and Europe to fall? And why? 07:55 Lessons for central banks Given the extremely high level of uncertainty, what lessons from past shocks can central banks apply in the future? Why do we need clearly defined frameworks? And what role do governments play? 09:55 How can governments prepare for potential shocks? Investing in technologies that are difficult to substitute, diversifying energy sources and creating buffers for critical inputs – why it’s crucial that governments have a strategy to withstand various shocks. 12:05 What is a dominant currency? When is a currency considered internationally “dominant”? And what dominant currencies have there been in the past? 13:40 Dollar dominance and monetary policy transmission Does dollar dominance in international trade transactions reduce the effectiveness of monetary policy? 17:30 The future of dollar dominance How will the dominance of the US dollar develop in the future? Is its role as a primary reserve currency at risk due to the Trump Administration’s policies? 19:10 What keeps you up at night? What happens to our economy if there is a sudden shortage of a certain input? What impact will AI have if it remains largely unregulated? And what do stablecoins and digital currencies mean for our economy? 21:00 Our guest’s hot tip Silvana shares her hot tip with our listeners. Further readings: Michael McLeay and Silvana Tenreyro: Dollar dominance and the transmission of monetary policy https://personal.lse.ac.uk/tenreyro/dominant_currency.pdf Sintra Series episode 1/4: Price stability in times of change https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod250702_episode110.en.html Sintra Series episode 2/4: Adapting to change: Ensuring price stability in a new geopolitical era https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod250625_episode109.en.html Silvana’s hot tip I’m still here/Ainda estou aqui ECB Instagram https://www.instagram.com/europeancentralbank/

Award ceremony for the Young Economist Prize Closing remarks Christine Lagarde, President, European Central Bank

A conversation about tapping Europe’s growth potential Philippe Aghion, Professor, Collège de France and London School of Economics Lars Feld, Professor, University of Freiburg, and Director of the Walter Eucken Institute Moderator: Beatrice Weder di Mauro, Professor, Graduate Institute of International and Development Studies Geneva, and President of the CEPR

Panel 2: Central bank communication: current challenges Chair: Philip R. Lane, Member of the Executive Board, European Central Bank Alessandra Galloni, Editor-in-Chief, Reuters Carolin Pflueger, Associate Professor, University of Chicago, Harris School of Public Policy Anna Seim, Deputy Governor, Sveriges Riksbank Alan Taylor, Professor, Columbia University and external member of the Monetary Policy Committee of the Bank of England

Session 4: New industrial developments and the evolving architecture of international trade Chair: Piero Cipollone, Member of the Executive Board, European Central Bank Paper: “Recent evolutions in the global trade system: from integration to strategic realignment” Author: Ana Maria Santacreu, Economic Policy Advisor, Federal Reserve Bank of St Louis (together with Florencia Airaudo, Economist, Federal Reserve Board of Governors, François de Soyres, Section Chief, Federal Reserve Board of Governors, and Alexandre Gaillard, Assistant Professor, Brown University) Discussant: Diego Comin, Professor, Dartmouth College

Session 3: Non-bank financial intermediaries, liquidity and their prudential treatment Chair: Luis de Guindos, Vice-President, European Central Bank Paper: “Growth of non-bank financial intermediaries, monetary policy, and financial stability” Author: Loriana Pelizzon, Deputy Scientific Director, Leibniz Institute for Financial Research SAFE and Professor, Goethe University Frankfurt and Ca’ Foscari University of Venice (together with Riccardo Mattiello, Ca’ Foscari University of Venice and Warwick University, and Jonas Schlegel, Financial Economist, SAFE Policy Center) Discussant: Nicola Cetorelli, Financial Research Advisor and Head of Financial Intermediation, Federal Reserve Bank of New York