AI’s hopes and fears take over the world’s big central-bank gathering
Every summer the world’s most powerful central bankers decamp to a hillside town outside Lisbon to argue about the economy in relative calm. This year the argument had a single organising subject, and it was not inflation in the usual sense.
It was artificial intelligence, and specifically the awkward fact that nobody in the room could say with confidence whether it will make their job easier or a great deal harder.
The occasion was the European Central Bank’s annual Forum on Central Banking, held in Sintra from 29 June to 1 July under the theme “Shaping Europe’s future: innovation, growth and stability”.
On the marquee policy panel, Fed Chair Kevin Warsh, ECB President Christine Lagarde, Bank of England Governor Andrew Bailey and Bank of Canada Governor Tiff Macklem sat together to work through what AI actually means for growth, for prices and for financial stability. The tone was less triumphant...
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