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Andrew Bailey warns G20 of AI's economic risks
The Bank of England governor warned G20 finance ministers that artificial intelligence could trigger a global economic downturn and increase cybersecurity risks. He highlighted concerns about market volatility resulting from high valuations, increased borrowing, and the concentration of investments in major tech firms involved in AI. Bailey urged the development of global security measures and responsible AI deployment to prevent disruptions, amid growing industry fears of AI systems overriding financial safeguards.
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