Advanced AI threatens global financial stability, says Bank of England boss
Andrew Bailey warns G20 members about risk of cyber-disruption spreading ‘across jurisdictions’ 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…
Bank of England's governor Andrew Bailey has warned global leaders about the potential destabilizing impact of advanced artificial intelligence technology on the interconnected financial system. In a letter to G20 finance ministers and central bank governors, Bailey highlighted the risk of cyber-disruption spreading across jurisdictions via frontier AI models, which possess increasingly sophisticated autonomy and problem-solving capabilities.
He emphasized that many jurisdictions lack the necessary protocols to manage the development, release, and deployment of these advanced AI models, heightening risks for the financial sector and beyond. Bailey's concerns about AI's potential to alter the speed, scale, and economics of cyber-risk are echoed by prominent technologists and align with his previous calls for international cooperation to address growing AI threats.
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