Warning on Artificial Intelligence and Global Risks from Christine Lagarde
European Central Bank President Christine Lagarde emphasized that artificial intelligence poses serious risks in financial markets, cybersecurity, and geopolitical areas.
Speaking at a joint conference of the European Central Bank and the European Systemic Risk Board, ECB President Christine Lagarde drew attention to the risks of artificial intelligence on financial markets, cyber resilience, and geopolitical stability, calling for global cooperation.
Conference and Call for Global Cooperation
Speaking at the opening of the 10th Anniversary Conference of the European Central Bank and the European Systemic Risk Board, ECB President Christine Lagarde stated that the future is a race between technology and wisdom, calling for cooperation on a global scale.
Use of Artificial Intelligence in the Banking Sector
Stating that approximately 90 percent of major banks in the euro area use generative artificial intelligence, Christine Lagarde pointed out that the autonomy brought by this technology harbors risks in various areas.
Financial Markets and the Risk of Price Manipulation
Lagarde stated that artificial intelligence agents operating independently of human oversight in financial markets could amplify market shocks and lead to price manipulations and price distortions.
Cyber Resilience and Vulnerabilities
Noting that artificial intelligence has reduced the speed of finding and exploiting system vulnerabilities from weeks to hours, Lagarde stated that these agents can easily breach cyber defense lines.
Geopolitical Tensions and Technology Access
Reminding that the most advanced models are concentrated in the US and China, Lagarde warned that increasing geopolitical tensions could suddenly cut off Europe's access to these critical technologies.
Foresight and Regulations for Policymakers
Christine Lagarde emphasized that policymakers must anticipate risks to the financial system as a whole in order for artificial intelligence to be used safely in the financial sector.
EU AI Act and Global Standards
Lagarde stated that the EU AI Act is an important step establishing rules based on risks, emphasizing that global cooperation in this direction is of great importance.