EU central banks don’t want to ‘over-regulate’ AI
Lack of international co-operation may spur regulatory arbitrage, panellists warn
European central bank officials do not want to over-regulate artificial intelligence (AI) while uncertainty remains around its impact on the financial sector.
Speaking on a panel on financial AI regulation on July 2, Denis Beau, deputy governor of the Banque de France, said supervisors have observed that financial institutions use AI in many parts of the value chain already “with potentially a positive impact on their profitability”.
Beau said the Banque de France has to date spent “significant”
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