Altimari warns global imbalances need coordinated action

Altimari said women's representation and career advancement remain slow, particularly at senior levels; the conference offers visibility and role models.

Widening US deficits and Chinese surpluses, alongside accumulated external assets and liabilities, raise sustainability and financial vulnerability concerns.

He identified low US saving, weak Chinese consumption and insufficient European investment as domestic roots.

Adjustment requires politically difficult fiscal choices, with costs preceding benefits and falling on different groups.

Bank of Italy research finds China's exports lower euro area inflation while weakening investment and exports in third markets.

He urged cooperation, warning that uncoordinated adjustment and broad trade restrictions carry growth and stability costs.

Altimari said the Eurosystem embraces innovation to preserve central bank money as a pillar of trust.

The digital euro will support everyday digital payments.

Pontes, operational since September 21, enables tokenised financial transactions to settle in central bank money; Appia targets Europe's longer-term tokenised markets.

Distributed ledger technology, tokenisation and stablecoins require close study.

Artificial intelligence can strengthen monitoring and supervision, he said, but requires safeguards, effective governance and assessment of financial stability risks.