Advanced AI threatens global financial stability, says Bank of England boss
Summary
The Bank of England’s governor, Andrew Bailey, warned that advanced artificial intelligence (AI) could threaten the stability of the global financial system by increasing cyber risks. He called for international cooperation to manage the release and use of advanced AI models to protect financial markets.Key Facts
- Andrew Bailey, governor of the Bank of England and chair of the Financial Stability Board (FSB), sent a letter warning about risks from advanced AI.
- Advanced AI models are becoming more autonomous and capable, which raises concerns about their use in cyberattacks that could disrupt global finance.
- Many countries lack rules to safely manage the development and deployment of these advanced AI systems.
- Bailey cautioned that cyber risks from AI could spread rapidly across borders and harm market confidence.
- AI-driven optimism has pushed up financial market values, increasing risks if there is a sudden market correction.
- Bailey urged international financial authorities to work together to ensure safe and responsible AI use.
- The FSB coordinates global financial regulators to address risks to the financial system.
- Concerns about AI risks echo those raised by researchers at leading AI labs who called for government action to manage AI development.
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