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AI Warning from the European Central Bank

Christine Lagarde, President of the European Central Bank and the European Systemic Risk Board, stated, “Policymakers must foresee risks to the entire financial system for AI to be used safely in the financial sector.”

Christine Lagarde, President of the European Central Bank (ECB) and the European Systemic Risk Board (ESRB), spoke at the opening of the ESRB's 10th Anniversary Conference. Calling for global cooperation, Lagarde reported that approximately 90% of major banks in the Eurozone use generative artificial intelligence.

Highlighting the autonomy brought by this technology poses three main risks in financial markets, cyber resilience, and geopolitical areas, Lagarde stated, “AI agents acting independently of human oversight in financial markets can amplify market shocks, leading to price manipulations and distortions. For AI to be used safely in the financial sector, policymakers need to foresee risks to the entire financial system. AI has reduced the time to find and exploit system vulnerabilities from weeks to hours.”

AI Warning from the European Central Bank

AI Warning from the European Central Bank

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