AI could cause global economic downturn, warns Bank of England governor
Andrew Bailey, the governor of the Bank of England, has raised alarms about the potential for advanced artificial intelligence models to destabilize global financial systems. In a letter to G20 finance ministers, he emphasized that the volatility caused by AI could lead to a worldwide economic downturn, particularly in light of recent energy shocks from geopolitical tensions.
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AI could cause global economic downturn, Andrew Bailey warns G20
The governor of the Bank of England warned of AI's “volatility” caused by energy shocks from the US-Iran war.
AI could cause global economic downturn, Bank of England head warns
Artificial intelligence could cause a worldwide economic downturn, the governor of the Bank of England has warned. Andrew Bailey wrote that a 'future market correction' in AI firms' valuations could have global effects. Pic: iStock
AI could cause global economic downturn, Bank of England governor tells G20
Andrew Bailey, in role as financial stability watchdog chief, warns advanced models risk destabilising system The Bank of England’s governor, Andrew Bailey, has joined the throng of figures warning about the global risks posed by the most advanced artificial intelligence technology. In a two-page letter sent to international finance ministers and central bank governors as part of his role as chair of the international Financial Stability Board (FSB), Bailey said “frontier” AI models were “showing increasingly sophisticated autonomy and problem-solving abilities, as well as threat capabilities”. Continue reading...
G20 Warned Of Growing Threat to Financial Stability Posed By New AI Models
The head of the G20’s Financial Stability Board wrote that potential disruptions triggered by AI wouldn’t stop at national borders and that efforts to ensure the safe release of new models should be a priority.
G20 Warned Of Growing Threat to Financial Stability Posed By New AI Models
The head of the G20’s Financial Stability Board wrote that potential disruptions triggered by AI wouldn’t stop at national borders and that efforts to ensure the safe release of new models should be a priority.