over the medium to long - term horizon, which have led to the governing council ’ s decisions since december 2005. implementation is decentralized. monetary policy decisions taken by the governing council of the ecb are implemented by the ncbs. this framework has proven its robustness and efficiency. but there are limits to what monetary policy can deliver. its main contribution to growth is to achieve price stability. ultimately, however, whether this will translate into higher growth in the longer run depends on reforms aimed at increasing the economy's potential. here european countries are making progress, although at too slow a pace. 3 ) how can eu member states increase their growth potential? in 2000, the lisbon european council designed a new strategy in order to promote competitiveness of the eu and defined ambitious goals in that respect. the lisbon agenda has introduced a multilateral surveillance of structural policies. in 2005, eu heads of government re - launched the lisbon strategy with an enhanced focus on jobs and growth and a streamlined governance regime. the key elements are the national reform programs which cover, for each country, the commitments taken over a 3 - years cycle as regards structural reforms. emu, with a single monetary policy and 12 governments responsible for budgetary policies, requires an institutional fiscal framework. it has to be simple, easy to implement, and able to ensure that fiscal policies are sound and sustainable, to avoid free - riding behaviours as well as neo - ricardian effects. the most widely - discussed surveillance process, because it is the most binding one, is the stability and growth pact ( sgp ). the pact may be defined as the “ users instructions ” for the obligation, defined in the treaty, for eu member states, to achieve a medium - term budgetary position of close to balance or in surplus, while maintaining the ratio of the annual government deficit to gross domestic product ( gdp ) at within 3 % and the ratio of gross government debt to gdp at within 60 %. member states which do not respect these ratios face an “ excessive deficit ” procedure which may lead the ecofin council to take a series of measures which range from simple recommendations to financial sanctions. in 2005, the european council agreed to reform the sgp. the important role of the sgp in terms of budgetary discipline is confirmed. the reform sets out the criteria for the implementation of the excessive deficit procedure and allows for more leeway in the time - frame for correcting excessive deficits. it does not, however, dim

. in particular, this text will increase consumer confidence, while providing legal certainty for economic operators. this governance principle can be supplemented by three operational principles. first, using ai proportionately and progressively. with a simple rule : the more critical the use case for our activty, the more we have to do it ourselves. for institutions like ours, this goes to the fundamental issue of data : some of the data held by central banks and financial supervisors are too confidential to be stored on a thirdparty cloud infrastructure. second, experimenting without delay, even with simple use cases, to find the right way of integrating ai into our activity, leading to an " augmented agent " rather than a " substituted agent ". indeed, we can expect ai to significantly reshape the patterns of human - machine interactions. finding the right combinations will encourage the adoption of the new tools, by winning the buy - in of users, which is a crucial issue. third, collaborate with others, to share best operational practices and to build a coherent ai supervision framework. of course, i am thinking first of international cooperation, because ai - related issues are by their very nature global. in this area, while there may be nuances in terms of how to proceed, i note above all that many 2 / 3 bis - central bankers'speeches jurisdictions are expressing similar concerns, which should enable international cooperation to move forward. but we also need to cooperate with authorities in other sectors, especially competition, cyber security, fundamental rights and even the green transition, as ai - related concerns are largely interconnected. in my view, these different forms of cooperation are an essential condition if we are to contribute to the emergence of the most relevant and resilient ai models, in other words, if we are to influence the development of the technology in the direction of the general interest. thank you for your attention. 3 / 3 bis - central bankers'speeches