Bank of England Warns on AI Threat to Global Financial Stability

Bank of England Governor Andrew Bailey has sounded the alarm on the potential risks posed by advanced artificial intelligence (AI) technologies to global financial stability. In a letter to finance ministers and central bank governors of G20 countries, Bailey highlighted the need for strengthened protective measures in light of AI's rapid advancement.

Bailey, who is also chair of the Financial Stability Board (FSB), noted that cutting-edge AI models demonstrate increasingly sophisticated autonomy and problem-solving capabilities. He emphasized that these models risk destabilizing the highly interconnected global financial system through cyberattacks that could spread across multiple jurisdictions.

The Governor warned that authorities must take measures to ensure the safe and responsible release and implementation of such models on a global scale. His concerns echo those raised by American company Anthropic, which earlier called for a slowdown in AI development due to fears it could get out of human control.