Andrew Bailey warns frontier AI could disrupt global financial systems
Andrew Bailey, the Bank of England's governor, just flagged a big worry: advanced artificial intelligence, or AI, could mess with the world's financial systems.
In his letter to G20 finance ministers and central bank governors, he said frontier AI models are getting so smart and independent that they might trigger cyber disruptions, problems that could quickly ripple through banks and markets everywhere.
Right now, our safety measures are not quite ready for this level of tech.
Bailey urges global financial AI cooperation
Bailey made it clear that no country can handle these risks alone: AI threats do not care about borders.
He also pointed out that if people get too optimistic about what AI can do in finance, it could make future shocks even worse.
With 1,367 researchers and engineers at frontier AI labs, mainly OpenAI, Anthropic, and Google DeepMind, calling for better rules around advanced AI, Bailey urged those tasked with safeguarding the world's financial systems to act fast and work together for safer tech use in banking and beyond.