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00:02Bank of England Governor Andrew Bailey warned that advanced artificial intelligence models
00:07could trigger a disorderly correction in global financial markets, according to CNBC.
00:13Bailey issued the warning in a letter to G20 finance ministers and central bank governors
00:19in his role as chair of the Financial Stability Board.
00:23The chair said,
00:24Frontier AI models are developing increasingly sophisticated autonomy, problem-solving abilities,
00:31and threat capabilities.
00:32He identified cyber risk as the most immediate concern, warning AI could increase the speed,
00:39scale, and economics of cyber attacks and undermine market confidence.
00:44Bailey urged financial institutions and technology providers to strengthen vulnerability management
00:49and prepare for simultaneous disruptions.
00:51He also cited sovereign debt market fragilities, growing investor debt, and stretched asset
00:57valuations, particularly in AI-related investments.
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