News View Non-AMP

Will AI Automate Tasks in the European Central Bank Despite Concerns Regarding Transparency and Safety?

Published by
Qadir AK

The European Central Bank (ECB) is trying out employing off-the-shelf artificial intelligence (AI) solutions to automate routine activities. Before contemplating its usage in crucial financial procedures, the “infinity team” is investigating how to produce text, graphics, and computer software.

Words From European Central Bank’s Chief Services Officer

Myriam Moufakkir, the Chief Services Officer of the ECB, has started a project to apply AI for a specific set of use cases. Drafting briefings, summarizing meetings, writing software code, editing the language used in official communications, and writing code are some examples.

The CSO stressed the bank’s circumspect attitude in light of the threats to openness and the law. It can be challenging to determine who is responsible for a detrimental answer since humans are unable to constantly grasp how AI generates its solutions. 

Moufakkir also emphasized the importance of ensuring transparency and accountability in the use of AI within the ECB. This includes establishing clear guidelines and protocols to monitor and evaluate the decisions made by AI systems, as well as regularly assessing their impact on the bank’s operations and stakeholders. Additionally, he highlighted the need for ongoing research and collaboration with experts in AI ethics to address any potential biases or unintended consequences that may arise from using AI in these specific use cases. 

What The Governor of the US Federal Reserve Has to Say?

On the contrary, Lisa Cook, governor of the US Federal Reserve, warned this week that artificial intelligence is useless if its decision-making process is opaque. According to a recent investigation, the advantages of AI in banking become less obvious when we define it badly. 

Real Life Example

For example, in the context of AI being used for credit scoring in banking, if the algorithm is not properly defined and transparent, it could lead to biased decisions that discriminate against certain individuals or groups. This could result in unequal access to financial services and perpetuate existing inequalities. Ongoing research and collaboration with experts in AI ethics are crucial to ensure that the decision-making process of AI systems is fair and transparent, thus preventing any unintended consequences or biases.

What Can be Next?

The Federal Reserve, the Bank of England, and the Monetary Authority of Singapore are all investigating AI, as is the ECB. While the Bank of England prepares to launch its own system for speedy interbank settlements, the Fed is operating its FedNow system for immediate settlements, which many say prefigures a central bank digital currency (CBDC).

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

Recent Posts

Bitcoin Rich List: Who’s Stacking, Who’s Slacking?

In recent months, many major companies around the world have started buying large amounts of…

June 1, 2025

XRP Price Prediction for 2040: Will It Be Enough to Quit Your 9-to-5?

Many crypto investors dream about the day their favorite coin takes off — and for…

June 1, 2025

This Hot New Altcoin In DeFi Is Turning Heads

As the month of May draws to a close, investors are searching for the best…

June 1, 2025

Best Crypto Coins to Watch This Week and Buy

This week’s crypto spotlight shines brightly on a select group of coins capturing investor interest…

June 1, 2025

Missed Bitcoin at $1? Bitcoin Solaris at $5 Is the Closest You’ll Get to a Real Second Shot

Most investors who passed on Bitcoin early didn’t lack belief — they lacked access, context,…

June 1, 2025

MOONPIG Price Crashes 65% & Kaspa Holds as Punisher Coin See Whale Action: Is this the Next 1000x Pump?

Is meme coin season peaking, or just getting smarter? Right now, Kaspa (KAS) market sentiment…

June 1, 2025