Florence, 29 October 2025

It is a pleasure to be here in Florence.

It is always difficult to give remarks after Fabio, who is a very eloquent advocate. As monetary policymakers, we tend to have a comparative advantage with numbers rather than words.

But you, Fabio, are a rare breed who has a comparative advantage with both. And I would like to take this opportunity to thank you and the team at the Banca d’Italia for the extraordinary hospitality on display here in this beautiful city.

Florence boasts a rich history that few others can match. It gave us great works by Michelangelo and Leonardo da Vinci, fostered humanist scholarship, and spread printing and scientific learning across the continent.

But this evening I would like to single out one achievement in particular: Brunelleschi’s dome, which crowns this city’s cathedral. Not because the dome is beautiful…