Memorandum of Understanding signed between the Bank of Italy and Banque de France for the promotion of financial innovation

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Summary

Document Overview: On September 11th in Milan, the Milano Hub, the Innovation Center of the Bank of Italy, and Le Lab, the innovation center of the Banque de France, signed a Memorandum of Understanding (MoU) to formalize their cooperation in the field of financial innovation.

Key Points:

1. The MoU, signed by Alessandra Perrazzelli, Deputy General Manager of the Bank of Italy, and Denis Beau, First Deputy Governor of the Banque de France, confirms the willingness of both institutions to collaborate to encourage and promote innovation in their respective areas of interest, while respecting their institutional tasks.
2. The MoU consists of a main section that outlines the modalities of cooperation, including joint event organization, participation in financial innovation initiatives, information exchange, and expertise sharing.
3. The agreement also includes a technical annex with a flexible structure that allows for periodic updates to describe specific topics subject to collaboration.

Key Takeaways:

1. The Bank of Italy and the Banque de France aim to collaborate to promote financial innovation, demonstrating their commitment to fostering a more dynamic and competitive financial sector.
2. The MoU provides a framework for cooperation, enabling both institutions to leverage each other’s expertise and resources to achieve common goals.
3. The flexible annex structure allows for adaptability and flexibility in addressing new challenges and emerging trends in financial innovation.

Conclusion:

The signing of the Memorandum of Understanding is a significant step forward in fostering cooperation between the Bank of Italy and the Banque de France in the field of financial innovation. Through this agreement, both institutions aim to promote innovation, exchange expertise, and collaborate on initiatives that drive growth and stability in the financial sector.

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