Only peace can secure "prosperity" and long-term development of the "economy", but war, in addition to material and human destruction, provides "transitory benefits", and even military technology is helpful only if applied in civilian applications, such as atomic energy or the internet. Fabio Panetta, the governor of the Bank of Italy, delivers a speech that emphasizes the necessity of defending the positive aspects of globalization in the context of a world that is rapidly shrinking, while simultaneously reducing "inequalities" and imbuing it with a "conscience". As an economist, the governor backs up his claims with graphs and statistics. The first focuses on the increase in global wars, a situation in which "history now appears to be taking a step backwards," and the arms race has now resumed in Europe following Russia's invasion of Ukraine. "Without peace", Panetta said, "humanity and the economy cannot prosper". The governor detailed the harm and consequences of each conflict, emphasizing how "war effort supports aggregate demand and can stimulate innovation while seriously distorting its purposes. Nevertheless, the economic advantages are temporary and do not diminish the necessity of readjusting the economy after the conflict concludes". And it is incorrect to "attribute the merit of technological progress to military spending". "Military investment can generate innovation if used in research", he said, citing how the Manhattan Project, developed in the United States during WWII, enabled the use of nuclear energy. Similarly, the Darpa (Defense Advanced Research Projects Agency) program, which began in the 1950s, is linked to the inception of the internet.