AI, Tariffs, and Financial Stability: Key Insights from the Assiom Forex Congress
Venice, Italy – February 21, 2026 – The 32nd Annual Congress of the Association of Financial Market Operators (Assiom Forex) concluded with discussions centered on the evolving landscape of financial markets, the impact of artificial intelligence (AI), and the burden of global tariffs. Keynote speakers, including Bank of Italy Governor Fabio Panetta, highlighted concerns about financial stability in a rapidly changing digital environment and the ongoing effects of international trade disputes.
The Growing Role of AI in Finance
The transformative potential of AI was a central theme throughout the congress. Anna Gatti, board member of Intesa Sanpaolo Group and Angel Investor in Silicon Valley, likened the AI revolution to the advent of electricity, predicting a significant “reset in the world of perform.” While acknowledging potential job displacement, Gatti emphasized the creation of new opportunities driven by AI innovation. This perspective suggests AI is not a fleeting bubble, but a fundamental shift in technological capabilities.
Massimo Mocio, president of Assiom Forex, offered a cautious perspective on potential market bubbles related to AI, stating that it was “premature” to predict such a scenario. He noted that abundant liquidity and cautious optimism currently prevail in the markets, despite three years of growth.
Digital Financial Instruments and Financial Stability
Marina Brogi, a full professor of Economics of Financial Intermediaries at the University of Milan-Bicocca, raised critical questions about the adequacy of existing tools to preserve financial stability in an ecosystem increasingly reliant on digital platforms and non-banking entities. Brogi’s concern centers on whether current regulatory frameworks are sufficient to address the vulnerabilities arising from the growing complexity of digital financial instruments. She called for increased awareness and vigilance in this evolving landscape.
The Impact of Tariffs on the Global Economy
Bank of Italy Governor Fabio Panetta addressed the impact of tariffs on the global economy, stating that the burden has been “paid mainly by the US economy.” Il Sole 24 Ore reported on this statement, made during Panetta’s address at the Assiom Forex Congress. This observation comes amidst ongoing trade disputes and recent tariff hikes by the United States, which have introduced volatility into financial markets and prompted investors to seek safer assets, such as gold.
Panetta’s remarks too touched upon the potential implications for the international monetary system and the dominance of the US dollar as a reserve and trade invoicing currency. Recent trends, including a decrease in long-term US Treasury bond yields and a depreciation of the dollar, suggest a possible shift in the global financial order.
Looking Ahead
The Assiom Forex Congress underscored the interconnectedness of technological innovation, geopolitical factors, and financial stability. As AI continues to reshape the financial landscape and trade tensions persist, ongoing monitoring and adaptation of regulatory frameworks will be crucial to mitigate risks and foster sustainable economic growth. The discussions in Venice highlight the need for a proactive and informed approach to navigate the challenges and opportunities that lie ahead.