Bailey warns G20 that frontier AI could destabilize the financial system

Andrew Bailey, governor of the Bank of England, has warned the world’s top finance officials that the most advanced artificial intelligence models now threaten the stability of the global financial system.

Bailey says cyber attacks are one of the dangers regulators should worry about first. 

Why is cyber risk from AI a big worry right now?

In a letter to G20 finance ministers, Andrew Bailey, governor of the Bank of England, warned that the most advanced artificial intelligence models now pose a threat to the global financial system. The letter was sent before the G20 meeting taking place in Asheville, North Carolina, where central bankers and finance ministers will be present. 

Bailey sent the warning as chair of the Financial Stability Board (FSB), an international group that watches over financial risks. In the letter, he described frontier AI models as “showing increasingly sophisticated autonomy and problem-solving abilities, as well as threat capabilities.” 

Cryptopolitan reported that British banks have been trying for months to get trial access to Anthropic’s Mythos model so they can better understand the risks these AI tools bring, but they have not been able to get it due to political tensions in the United States. 

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