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 G20 members of the potential for advanced artificial intelligence (AI) technology to destabilize the global financial system. In a letter addressed to international finance ministers and central bank governors, Bailey highlighted the increasing autonomy and problem-solving abilities of "frontier" AI models.
He expressed concern that these models could spread cyber-disruption across jurisdictions, potentially threatening market confidence. Bailey emphasized the need for international cooperation and the development of protocols to manage the release and deployment of advanced AI models. The Bank of England governor's concerns align with recent alarm bells raised by prominent technologists and engineers working in the AI field.
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