On 25 September 2024, the Bank of England (BoE) published a speech on TRUSTED AI: Ethical, safe, and effective application of artificial intelligence at the BoE, which was delivered by its Chief Data Officer, James Benford, at the Central Bank AI Conference.
In the speech, Mr Benford explains that recent advances in artificial intelligence (AI) bring many opportunities and challenges for central banks. He discusses how the BoE is preparing for the transformative potential that advances in AI offer to improve how it works internally to deliver monetary and financial stability, and also explains what the BoE is doing to address the challenges posed by AI.
Key points highlighted include:
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Central banks are not starting from scratch and should take confidence from their decades of experience with economic and financial models and, more recently, multidisciplinary AI solutions.
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This new chapter will quickly expand the breadth and depth of the BoE’s use of models. Prior agendas to moder