general - purpose technology, comparable to revolutionary innovations such as electricity or the internet. while ai impacts all sectors of the economy, the financial system - given its heavy reliance on data - is especially susceptible to ai - driven disruption. according to the bank for international settlements, ai will have far - reaching implications, significantly enhancing efficiency, reducing costs, and improving compliance by processing vast amounts of data more quickly and accurately than human capabilities. however, alongside this great potential come significant risks. as the imf and the oecd have pointed out in several publications, the increased use of ai in finance could lead to greater market concentration, as only a handful of firms have access to the vast computational power needed to build and operate advanced ai systems. this concentration introduces operational risks and heightens concerns about too - big - to - fail institutions, creating potential vulnerabilities within the financial system. additionally, other complex issues related to algorithmic bias and discrimination, were discussed today and present significant challenges that will not be easily resolved in the near future. undoubtedly, capacity building among financial stability staff on these innovative topics will become increasingly important for the central bank, in order to ensure a smooth digital transition within the financial sector. going forward, it is imperative that policymakers establish frameworks that promote transparency, fairness, and accountability in ai systems. the ultimate objective for both authorities and market participants is to develop resilient infrastructures capable of withstanding cyber threats while ensuring impartiality in an increasingly automated financial environment. in my opinion, the increasing complexity of finance and banking should motivate central banks to actively seek top talent not only from the financial sector but also from related fields such as it, computer science, and statistics, among others. this expanded expertise in financial stability will be crucial for effectively addressing the evolving challenges within the financial landscape. ladies and gentlemen, the success of this seminar is built upon the insights and expertise shared by our distinguished speakers. i would like to extend my sincere gratitude to the international monetary fund, our steadfast partner for nearly two decades in this important initiative. together, we began building this project several years before the onset of the global financial crisis, at a time when financial stability was not yet a central focus for policymakers. additionally, i would like to express my appreciation to my colleagues from the financial stability department, the international relations department, the secretariat and the entire organizational team, whose tireless efforts made this event possible. 2 / 3 bis - central bankers '

speeches as we look ahead, we bear the responsibility of advancing the knowledge and ideas shared during this seminar and, whenever feasible, translating them into policy actions. as we conclude this seminar, let us remain dedicated to enhancing our collaboration, keeping in mind that financial stability is not a static objective but a dynamic process that requires ongoing vigilance, flexibility, and cooperation. thank you all once again for your engagement and contributions. i wish you safe travels as you return home, and i look forward to seeing you at future editions of the financial stability seminar in the years to come. thank you. 3 / 3 bis - central bankers'speeches