Bailey warns AI could crash global financial system
FSB chief warns of cyber security risks and threats from leveraged investments in technology
The chair of the Financial Stability Board (FSB) has warned about the risks artificial intelligence poses to financial stability, both in terms of cyber risk and leverage in financial markets.
Bank of England governor Andrew Bailey made the comments in a letter to the Group of 20 finance ministers and central bank governors, dated August 28 and published on August 31. The focus on AI marked a departure from his previous two letters, which had focused on the Middle East conflict, private credit
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