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”
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
More on Fintech
AI, quantum computing and tokenisation set to transform finance – Menon
But significant barriers remain preventing the technologies from unlocking their full potential
ECB, EBA and Eiopa publish data point model agreement
Framework aims to maintain and streamline methods of reporting supervisory data
MAS expands asset tokenisation initiatives
Central bank publishes white paper on shared ledger system, and expands ‘Project Guardian’
Crypto rule change will slash Brazil’s current account deficit
Crypto purchases will no longer be treated as import goods, central banks says
BIS predicts AI will be inflationary in long term
Expects accelerated inflation dynamics as firms adjust prices in response to shocks
European Commission opens consultation on AI in finance
As AI use in financial services increases, regulators must balance innovation with risk
SNB carries out first tokenised monetary policy operation
Central bank issued $72 million in bonds on DLT settled in wholesale CBDC
Ethiopia approves CBDC law as it pursues bitcoin mining policies
Monetary policy and financial stability committees established as part of economic reforms