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 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. 25 February 2026
    No. 77 - Hydrogeological and credit risk: the Italian firms' physical risk-adjusted probability of default
    by Manuel Cugliari, Simone Narizzano and Federica Vassalli
  2. 26 January 2026
    No. 76 - Sustainability and financial innovation: The emerging role of Fintech for Good (F4G)
    by Alessandro Lentini and Daniela Elena Munteanu
  3. 19 January 2026
    No. 75 - The Cyber Risk of Non-Financial Firms
    by Francesco Columba, Manuel Cugliari, Marco Orlandi, Federica Vassalli
  4. 12 January 2026
    No. 74 - What if Ether Goes to Zero? How Market Risk Becomes Infrastructure Risk in Crypto
    by Claudia Biancotti
  5. 8 January 2026
    No. 73 - Credit Risk Assessment with Stacked Machine Learning
    by Francesco Columba, Manuel Cugliari, Stefano Di Virgilio