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Archive » November 2020 » Savings and Financial innovation: the challenges for Intermediaries and Central banks

Savings and Financial innovation: the challenges for Intermediaries and Central banks

Ignazio Visco
November 2020 - n. 11
Keywords: Politiche economiche, banche, pandemia, risparmio, innovazione finanziaria
Jel codes: G20, I18, O30

The sharp rise of savings in Italy, up to 20% of disposable income, could consolidate in the second wave of the pandemic. Over the past 12 months, household deposits have increased by almost 50 billion and business deposits by 70 billion. For banks, it is essential at this stage to support deserving companies, to recognise insolvencies in good time, to increase provisions, to address the challenges of innovation, cost efficiency and profitability. The pandemic has accelerated the spread of digital payment tools. Stablecoins issued by non-bank companies pose problems of It risks, financial stability, fiscal evasion and money laundering, unfair competition. The possibility of issuing a Digital euro is being assessed by the Ecb, without neglecting its possible impacts on the financial system and the profitability of intermediaries.

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