Governor of the Bank of Italy Fabio Panetta He spoke at the inauguration of the 2025-26 academic year at the Economic and Financial Police School at Lido di Ostia, with a speech entitled "Building Economic Legality: Institutions, Reforms, Technology." Panetta emphasized in particular how "legality is not just an inviolable principle, but a force that generates trust and development," then recalling progress in combating the irregular economy and the role of reforms, technology and institutional cooperation. The governor stressed that thetechnology is already playing a decisive role in improving the economic environment and combating irregularities, including by encouraging spontaneous compliance with the rules, "provided it is governed with intelligence and foresight, investing in people's skills and protecting citizens' privacy."
Progress in the fight against the illegal economy thanks to digitalization
Since 2011, the unobserved economy's share of GDP has decreased by 2 percentage points, and the share of irregular workers has fallen, Panetta argued, outlining the progress made in this regard. Not only that: tax evasion as a percentage of the product has decreased by almost a third"These advances reflect the transformation of the economic system and the strengthening of the operational capacity of public administration," said the economist.The benefits are not only measured in terms of revenue. The greater efficiency of public administration and progress in digitalization have in fact improved the relationship between administration and citizens, encouraging spontaneous compliance with the rules and strengthening the civic pact on which economic and social coexistence is based.”
In short, technology plays a decisive role in improving the economic environment from several points of view, and not least because it is transforming the way the public sector operates, making its action more timely and effective. But obviously there are risks that should not be underestimated, and Governor Panetta is perfectly aware of them: "Technology alone is not enoughIt requires people capable of using it to its full potential. Investment in digital tools must be accompanied by an equal investment in human capital, spreading the skills needed to fully exploit their benefits. The use of such powerful technological tools and large amounts of personal data carries the risk of violating citizens' fundamental rights. There is a natural tension between innovation and the protection of privacy, which legislators are called upon to govern.
The commitment of the Bank of Italy, in collaboration with other authorities
For anti-money laundering purposes, Panetta explained to the students of the Police Academy, The Bank of Italy supervises approximately 1.100 intermediariesIn 2024 alone, 600 fact-finding and corrective supervisory actions and 43 inspections were conducted, and the UIF forwarded 3.000 suspicious transaction reports to prosecutors. "The Bank of Italy and the Guardia di Finanza," said the Governor of the Bank of Italy, "work closely together in the supervision of intermediaries, banknote handling, anti-money laundering, and combating the financing of terrorism. This is not just a matter of loyal cooperation between institutions, but a true safeguard for economic security and public trust."
Countering the irregular economy, Panetta concluded, “is an investment in Italy's ability to grow in a lasting and equitable way. We must continue with determination on the path of reforms, making public administration more efficient, supporting the productive fabric. Technology strengthens this action. We must not fear it, but govern it with intelligence and foresight."
