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THE BOTTOM LINE

Machines aren’t coming for the lords of finance, yet

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    • As retailers develop applications to keep ever closer tabs on competitors and broader markets, the price of milk in Denmark (not pictured), for example, may fluctuate during a press conference by Powell, argued Lars Christensen, an associate professor at the Copenhagen Business School.
    • As retailers develop applications to keep ever closer tabs on competitors and broader markets, the price of milk in Denmark (not pictured), for example, may fluctuate during a press conference by Powell, argued Lars Christensen, an associate professor at the Copenhagen Business School. PHOTO: REUTERS

    Daniel Moss

    Published Tue, Jul 9, 2024 · 05:00 AM

    CENTRAL bankers are not born as chronic worriers, but they quickly acquire the trait. They are now spending considerable time fretting about artificial intelligence (AI): its ability to play havoc with prices, jobs and the security of banking. As gut-wrenching as the meltdown of 2008 was, imagine if a rogue machine turbocharged a market rout.

    It is not quite a doomsday scenario where AI runs amok and destroys the earth, said Eddie Yue of the Hong Kong Monetary Authority at a recent conference. But there are plenty of dangers emerging, he added. Yue’s counterpart in Singapore warned of the potential for fraud and cyberattacks.

    American and UK officials are fearful that algorithms will be used to curtail lending to minorities. While acknowledging the benefits of rapid technological advances to the overall economy, most are wary.

    Artificial IntelligenceFinancial marketsCentral banksThe Bottom Line

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