Central banks urged to adapt to AI's impact on economy and financial system, per BIS report.

Central banks worldwide are being urged to adapt and prepare for the profound impact of artificial intelligence (AI) on the economy and financial system, according to a report by the Bank for International Settlements (BIS). The rapid adoption of AI requires central banks to embrace the technology, which may significantly influence productivity, investment, and consumption. BIS emphasizes that AI should not replace human judgment in areas like setting interest rates, but policymakers should use the technology to monitor data in real time, improving their inflation-predicting abilities.

June 25, 2024
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