##f surveillance in 2004 – 07, available at http : / / www. imf. org. ioannidou, v., ongena, s., and peydro, j. - l. ( 2008 ), “ monetary policy, risk - taking and pricing : evidence from a quasi - natural experiment ”, ecb, mimeo. kindleberger, c. ( 2005 ), manias, panics, and crashes : a history of financial crises, palgrave macmillan, 5th edition. lowenstein, roger ( 2000 ), when genius failed : the rise and fall of long - term capital management, random house. lucas, r. e., jr. ( 1972a ), “ expectations and the neutrality of money ”, journal of economic theory, 4, april 1972, 103 – 24. lucas, r. e., jr. ( 1972b ), “ econometric testing of the natural rate hypothesis ”, in eckstein, o., ed., the econometrics of price determination, board of governors of the federal reserve system, washington, d. c. papademos, l., and stark, j. ( 2010 ), enhancing monetary analysis, european central bank, frankfurt - am - main. phelps, e. s. ( 1968 ), “ money - wage dynamics and labor market equilibrium ”, journal of political economy, 76 ( s4 ), 678 – 711. rajan, r. ( 2005 ), “ has financial development made the world riskier? ”, presented at : the greenspan era : lessons for the future, a symposium sponsored by the federal reserve bank of kansas city, jackson hole, wyoming, august 25 – 27, 2005. rajan, r. ( 2010 ), fault lines, princeton university press. reinhart, c., and rogoff, k. ( 2009 ), this time is different, princeton university press. shleifer, andrei, and robert w. vishny ( 1997 ), “ the limits of arbitrage ”, journal of finance, vol. lii, no. 1, march 1997, 35 – 55. bis central bankers ’ speeches

. 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