be performed by ai, consider how well ai performs them relative to a typical worker. for instance, generative ai is used in a medical setting to summarize patient interviews - a task that it performs quite well relative to a human doctor. based on that interview, ai could diagnose a patient and develop a treatment plan, but these are tasks that doctors still tend to perform better than ai. finally, for those tasks that can be performed by ai, think about the quality threshold required for that job task. coming back to the example of a doctor and ai, while there may be some tolerance for incorrectly summarizing a patient interview, there is little tolerance for misdiagnosing a patient or developing a bad treatment plan. i would also note that we may have higher quality thresholds for ai than we do for human workerswith driverless cars being an example where ai drivers may be held to a higher standard than human drivers. thus, a job will be more exposed to ai, if ai can perform a large share of the job's tasks sufficiently well relative to a human worker and a set of quality thresholds. importantly, we can expect that a job's exposure to ai will change over time, because advances in ai technology will both expand the set of tasks that ai can perform and improve the quality of ai's performance of those tasks. which brings me to my second question for ai's implications for any given job. complement or substitute? will ai be a complement to or a substitute for the job, given its set of tasks? ai is more likely to serve as a complement to jobs that have less exposure to ai but use the services or products that are produced by jobs with a high degree of ai exposure. for instance, a job as a litigator may have little direct exposure to ai but will benefit from ai's ability to assist with legal research. 5 even for some jobs with a high degree of exposure to ai, it is possible for ai to serve as a complement. let's return to the example of the doctor, who may now see more patients or spend more time on diagnoses, because ai has taken over writing summaries of patient interviews. more broadly, jobs with a high degree of exposure to ai will likely be complemented by ai, if workers are able to offload time - intensive, but low value - added, tasks to ai and focus their time on the highest value - added tasks. however,

market fragmentation along national borders. this possibility, which has arisen in the past, is amplified by the incompleteness of the european union. it is a risk that does not concern only those countries that it affects, but that, given the economic and financial interconnections between member states, may rapidly reverberate throughout the euro area. fragmentation leads to many serious problems from an ‘ operational ’ standpoint. in fact, it hampers the proper and homogeneous transmission of monetary impulses to all countries and, in this way, makes it impossible to pursue price stability for the area as a whole. as early as last december, the governing council stated that flexibility in the use of its instruments would remain a key element of monetary policy whenever there are threats to monetary policy transmission. president lagarde clarified that this included the possibility of deploying existing instruments or introducing new ones to prevent the risk of market fragmentation within the euro area from materializing. the pandemic in particular confirmed that, under stressed conditions, flexibility in the design and conduct of financial asset purchases successfully countered the impaired transmission of our monetary policy, making our efforts to stabilize the economy and inflation more effective. in recent months we have witnessed a progressive materialization of the risk of market fragmentation. the marked increase in the spreads on italian and greek government bonds as well as, to a more limited extent, in other euro - area countries, is a cause for concern. these are tensions that do not appear to be explained by the changing macroeconomic outlook. for italy, especially, our analyses indicate that a spread between the yields on italian and german ten - year government bonds of less than 150 basis points would be justified by the fundamentals and, in any event, levels above 200 basis points would not. in recent weeks, the widening has intensified, accompanied by a progressive increase in market volatility. it is in light of these developments, in many ways unjustifiable, that we must view the decision, taken only yesterday, by the ecb governing council to apply flexibility under the pandemic emergency purchase programme ( pepp ) and to ask the eurosystem committees to accelerate the completion of the design of a new anti - fragmentation instrument. the first instrument – which takes advantage of the opportunity to flexibly reinvest the assets held under the pepp – is already part of the monetary policy arsenal. its use at this time is fully justified. much of the tension dragging on the economy has sprung from the