Alessandra Perrazzelli: Data science in central banking - enhancing the access to and sharing of data

Closing remarks by Ms Alessandra Perrazzelli, Deputy Governor of the Bank of Italy, at the 3rd IFC and Bank of Italy Workshop, Rome, 19 October 2023. 

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

Good afternoon, ladies and gentlemen,

I am delighted to see so many distinguished experts gathered here today to conclude this impressive workshop on data science in central banking jointly organized by the Bank of Italy and the Irving Fisher Committee of the Bank for International Settlements.

Over the past three days, we have embarked on an educational journey that has enriched our understanding of how data science is reshaping the landscape of the financial industry and of central banking in particular. The knowledge we have shared, the insights we have gained, and the connections we have forged are invaluable, and they will undoubtedly play a central role in the future of our institutions and of the financial sector as a whole.

Before I bid farewell to this event, I would like to take this opportunity to express my sincere gratitude to all of the participants, speakers, and organizers for their contributions.

Food for thought

Over the last three days, we have delved deep into the world of data science, exploring its applications, challenges, and the transformative potential it holds for central banking. We have learned about cutting-edge techniques in data analysis, machine learning (ML), and artificial intelligence (AI) that can be applied to monetary policy, risk management, financial stability, and many other areas that are crucial to central banks' mandates.