Markets, infrastructures, payment systems

Innovation and the rollout of digital technologies are radically transforming how markets and payment systems work. New types of business, new means of payment, and groundbreaking technological solutions based on cryptography and the use of distributed ledgers are emerging all the time. With this come new risks linked, for example, to the violation of privacy and cybersecurity. These changes must be accompanied, guided, and regulated; they are the subject of ongoing discussions in the international institutions, in Europe and in Italy.

The new series 'Markets, Infrastructures, Payment Systems' aims to raise awareness of these issues and to foster debate among the institutions, economic operators and members of the public, making available to readers a set of experiences and know-how which also reflect the Bank's active participation in the construction and management of Eurosystem infrastructures.

The publications are didactic in scope, primarily targeting non-specialist readers, but equally take a close look at frontier issues, with academics and researchers in mind, as well as staff at international institutions and the other central banks.

Latest publications

  1. 8 January 2026
    No. 73 - Credit Risk Assessment with Stacked Machine Learning
    by Francesco Columba, Manuel Cugliari, Stefano Di Virgilio
  2. 25 November 2025
    No. 72 - Statistics on tokenized financial instruments: A challenge for central banks
    by Riccardo Colantonio, Massimo Coletta, Riccardo Renzi
  3. 12 November 2025
    No. 71 - Demand and supply of Italian government bonds during the exit from expansionary monetary policy
    by Fabio Capasso, Francesco Musto, Michele Pagano, Onofrio Panzarino, Alfonso Puorro, Vittorio Siracusa
  4. 7 November 2025
    No. 70 - Do firms care about climate change risks? Survey evidence from Italy
    by Francesca Colletti, Francesco Columba, Manuel Cugliari, Alessandra Iannamorelli, Paolo Parlamento and Laura Tozzi
  5. 15 October 2025
    No. 69 - A solution for cross-border and cross-currency interoperability of instant payment systems
    by Domenico Di Giulio, Vitangelo Lasorella, Pietro Tiberi