The ECB's "infinity team" has launched nine trials of generative AI, a technology capable of creating sophisticated text, images, and computer code. The bank also plans to use large language models, such as ChatGPT, to improve the clarity of its messages for the public. However, the ECB's new Chief Services Officer, Myriam Moufakkir, has voiced cautious optimism about AI's potential, acknowledging the need to address concerns about reliability, legal risks, and transparency.
Key takeaways:
- The European Central Bank (ECB) is exploring the use of artificial intelligence (AI) to address the issue of underestimating inflation and its impact on monetary policy.
- The ECB is using AI to process and analyze various data sources, including public price data, corporate statistics, news articles, and bank supervisory documents, to gain actionable insights.
- The ECB has developed the Athena platform, which uses natural language processing (NLP) models to assist supervisors in analyzing diverse text documents, enhancing efficiency and accuracy.
- The ECB is also leveraging AI to improve communication, using large language models like ChatGPT to draft summaries, briefings, and enhance staff-written texts, making the bank's communication more accessible to the public.