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ECB Embraces AI to Modernize Operations and Policymaking

  • The ECB is using AI for tasks like classifying financial data and analyzing pricing data to improve policymaking.

  • The ECB developed a platform called Athena to help supervisors search and analyze documents using AI techniques like topic modeling.

  • The ECB is exploring uses for large language models like summarizing documents and improving communications, but is cautious about risks.

  • The ECB is working with other central banks to explore AI, including its possibilities and challenges related to legal constraints, data privacy, and ethics.

  • The ECB aims to accelerate AI adoption by investing in infrastructure and coordination to harness its potential benefits as a modern, innovative institution.

europa.eu
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