Bank of England governor warns G20: AI could trigger a global economic downturn

Bank of England governor Andrew Bailey, acting as chair of the Financial Stability Board, warned G20 finance ministers and central bank governors that "frontier" AI models are developing sophisticated autonomy and problem-solving abilities that risk destabilising the global financial system. Bailey highlighted the growing threat capabilities of advanced AI in a two-page letter. He joined a growing chorus of senior figures raising alarms about AI's systemic risks.

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