AI Is Challenge for Central Banks to Raise Their Game, BIS Says
- Study says officials should better grasp impact and use tools
- Institutions should work together to reap potential, cut risks
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Central banks must get a better grip on artificial intelligence both to gauge its economic impact and to harness the technology for themselves, the Bank for International Settlements said.
In a report published on Tuesday, Basel-based officials said that AI won’t supplant human judgment but that its likely effects on productivity, investment and consumption mean policymakers must find ways to study that and employ it for their own benefit.