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What does the rapid advance of AI mean for our financial system? And how is financial stability affected by geopolitical risk? Our host Stefania Secola puts these questions to expert John Fell in The ECB Podcast’s regular look at financial stability in the euro area. The views expressed are those of the speakers and not necessarily those of the European Central Bank. Published on 17 May 2024 and recorded on 10 May 2024. In this episode: 01:01 – How stable is our financial system right now? Our latest financial stability assessment is more positive, but just how resilient is our financial system to shocks? 04:56 – What concerns does geopolitical risk raise? How can geopolitical risk affect markets, banks and non-banks like investment funds, and what can financial institutions do to manage it? 09:55 – How can AI help the financial system? Artificial intelligence offers promising ways to improve efficiency, customer service and risk management. 13:32 – Can AI be a source of systemic risk? Widespread use of AI tools and reliance on a small number of suppliers could lead to financial stability risks. 19:13 – Our guest’s hot tip Financial stability expert John Fell shares his hot tip with our listeners. Further reading: Financial Stability Review, May 2024 https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/index.en.html Turbulent times: geopolitical risk and its impact on euro area financial stability (special feature A) https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/ecb.fsr202405~7f212449c8.en.html#toc33 The rise of artificial intelligence: benefits and risks for financial stability (special feature B) https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/ecb.fsr202405~7f212449c8.en.html#toc34 The ECB Podcast: When the yin meets the yang: resilience in gloomy times, December 2023 https://www.ecb.europa.eu/press/tvservices/podcast/html/ecb.pod231202_episode74.en.html European Central Bank www.ecb.europa.eu

6 maggio 2024, Centro Convegni C.A. Ciampi, via Nazionale 91, Roma. IVASS, Istat, ANIA.

Smaller companies are critical for vibrant public markets, and they often face unique challenges. Listen in to hear stories and perspectives of how small caps and their advisors navigate market and regulatory challenges. *** About The Securities and Exchange Commission *** The mission of the Securities and Exchange Commission (SEC) is to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation. The SEC strives to promote a market environment that is worthy of the public's trust. Follow the SEC: Twitter: https://twitter.com/SECGov Facebook: https://www.facebook.com/SECGov LinkedIn: https://www.linkedin.com/company/us-securities-and-exchange-commission

Learn about challenges many founders and their investors face, particularly women and minorities, to find success both within and outside of traditional capital-raising hubs. Listen in as we explore creative solutions to grow local entrepreneurial ecosystems and build bridges to capital. *** About The Securities and Exchange Commission *** The mission of the Securities and Exchange Commission (SEC) is to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation. The SEC strives to promote a market environment that is worthy of the public's trust. Follow the SEC: Twitter: https://twitter.com/SECGov Facebook: https://www.facebook.com/SECGov LinkedIn: https://www.linkedin.com/company/us-securities-and-exchange-commission

Learn about what is happening in capital-raising and how some entrepreneurs are exploring different ways to access the early-stage capital they need. *** About The Securities and Exchange Commission *** The mission of the Securities and Exchange Commission (SEC) is to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation. The SEC strives to promote a market environment that is worthy of the public's trust. Follow the SEC: Twitter: https://twitter.com/SECGov Facebook: https://www.facebook.com/SECGov LinkedIn: https://www.linkedin.com/company/us-securities-and-exchange-commission

The SEC’s annual Small Business Forum brings the public and private sectors together to provide feedback to improve capital-raising policy for small businesses and their investors. Hear from the SEC Commissioners and an exciting line-up of speakers with fresh perspectives on capital raising. Register to join us! *** About The Securities and Exchange Commission *** The mission of the Securities and Exchange Commission (SEC) is to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation. The SEC strives to promote a market environment that is worthy of the public's trust. Follow the SEC: Twitter: https://twitter.com/SECGov Facebook: https://www.facebook.com/SECGov LinkedIn: https://www.linkedin.com/company/us-securities-and-exchange-commission

On 26 April 2024, ESMA held a public webinar on the 2023 Report on quality and use of data (https://www.esma.europa.eu/sites/default/files/2024-04/ESMA12-1209242288-852_2023_Report_on_Quality_and_Use_of_Data.pdf). During the webinar, the authors of the report presented the findings of the report and answered the attendees' questions. Accompanying slides can be found here: https://www.esma.europa.eu/sites/default/files/2024-05/2023_Report_on_Quality_and_Use_of_Data_webinar_2024-04-26.pdf

Dinner speech Fabio Panetta, Governor, Banca d'Italia