The European Central Bank (ECB) has launched experiments using generative artificial intelligence (AI) across its operations to accelerate basic activities like drafting briefings, summarizing banking data, writing newsletters, translating documents, and more. An internal ECB team called the “infinity team” is leading trials of off-the-shelf generative AI systems, similar to ChatGPT, after surveying staff for ideas on where AI could be most useful.
ECB Chief Services Officer Myriam Moufakkir announced the AI trials in a blog post, noting that while machines have become smarter in many areas, the ECB is proceeding cautiously given the risks around AI like privacy, legal constraints, and ethical issues such as fairness and transparency. The ECB wants to avoid AI “black boxes” that lack explainability, as policymakers need to understand the reasoning behind AI-generated conclusions and forecasts.
The ECB is collaborating closely with other major central banks like the U.S. Federal Reserve and Bank of England on AI research and development. It already uses AI for tasks like structuring real-time pricing data and classifying millions of data sources. The AI trials are welcomed by ECB staff representative Carlos Bowles, who downplays fears about AI replacing human roles. He says staff should embrace and leverage AI tools as an inevitable advancement, rather than resist change. With the right tools, ECB President Christine Lagarde could even consult AI on what former President Mario Draghi might do in a given situation.
