Fabio Panetta: Harnessing big data & machine learning technologies for central banks

Opening remarks by Mr Fabio Panetta, Deputy Governor of the Bank of Italy, at the workshop on "Harnessing Big Data & Machine Learning Technologies for Central Banks", Bank of Italy, Rome, 26 March 2018.

The views expressed in this speech are those of the speaker and not the view of the BIS.

It is my great pleasure to open this workshop on 'Harnessing Big Data & Machine Learning Technologies for Central Banks', and to welcome the speakers and participants. I would like to take this opportunity to thank the organizers for putting together such a broad and topical program.

Big Data and machine learning are the products of digital technology, whose widespread adoption has important implications for how communication occurs, education is delivered, and knowledge is spread. As we become accustomed to the new digital environment, we are seeing significant shifts in society. Around 80 per cent of Europe's citizens own a smartphone, personal computer or tablet. The internet is widely used to gather information, communicate and carry out activities that directly or indirectly affect people's behavior.