ECB ‘infinity team’ launches AI experiment to speed up basic tasks

28/09/2023

The European Central Bank (ECB) is undertaking trials of generative artificial intelligence (AI) as it explores the potential of AI technologies in central banking operations. The ECB’s “infinity team” has initiated nine trials using generative AI, which can produce sophisticated text, images, and computer code, for tasks such as drafting briefings, summarizing meetings, translating documents, and drafting software code. While the ECB acknowledges the potential of AI, particularly large-language models such as ChatGPT, for improving efficiency and productivity, officials remain cautious about its use in setting interest rates and other monetary policies due to concerns about reliability, legal risks, and transparency. The ECB is also working closely with other central banks, such as the US Federal Reserve, Bank of England, and the Monetary Authority of Singapore, to explore AI applications.

The ECB’s adoption of generative AI is a significant development in the integration of AI technologies within central banking operations. While private sector companies have embraced AI to gain a competitive advantage, central banks have proceeded cautiously due to concerns about reliability and transparency. However, with the potential of generative AI to automate time-consuming tasks and enhance efficiency, central banks are exploring its applications. The ECB’s focus on tasks such as drafting briefings, summarizing meetings, and translating documents demonstrates the broad range of activities that can benefit from generative AI. However, concerns about transparency and accountability remain, as AI systems that are perceived as “black boxes” may face challenges if their decisions are later subject to legal scrutiny. Nonetheless, the ECB’s move to integrate generative AI into its operations could pave the way for greater adoption of AI technologies by central banks globally.