Panetta: AI-led data centers reshape global trade and finance

Fabio Panetta, Governor of Banca d’Italia, delivered a keynote speech at the 32nd ASSIOM FOREX Congress (19 February 2026, Venice).

• Main announcement/action: Governor Panetta highlighted that artificial intelligence is a central driver of recent global growth, with data center construction singled out as a core element of the technological transformation; he also called for stronger European coordination on energy, financial integration, and digital currency initiatives (projects Pontes and Appia) and flagged the need to govern changes in the international monetary system. Key facts: global GDP +3.3% (2025); international trade +4% (2025); dollar ≈60% of official reserves; Pontes experimentation by end-2026.
• Background and details: The speech documented trade reorganisation due to US tariffs (effective tariff rate reduced from 20% to 16%, border collections about 11%), noted the US–China reorientation of trade flows toward third countries (Mexico, Vietnam, Taiwan), reported the €2,000 billion (USD 2 trillion) nominal exposure of European investors to US government securities, and described monetary-policy and market developments (e.g., dollar depreciation up to 8% vs euro in April–May 2025).