. 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

at time horizons stretching beyond those usually adopted for the construction of central bank inflation projections. because of the long - term relation between money growth and inflation, money has leading indicator properties on future price developments. though it is fair to say that the apparent link between monetary developments and inflation has deteriorated over the recent years, there is still strong statistical evidence of a link between monetary growth and inflation at a low frequency. this relation holds for the euro area, but also for the us, the uk and large oecd countries, with monetary trends systematically leading inflation trends. 4 the implication referred to is the need to cross - check the information on inflationary pressures and risks to price stability ; this cross - checking implies that we bring together and compare different analytical strategies and that we systematically use all the information relevant to decision making. the main issue is to ensure that risks to price stability over the medium term do not materialize and that medium to longer - term inflation expectations remain solidly anchored at levels consistent with the price stability objective. such anchoring is a prerequisite for monetary policy to make an ongoing contribution towards supporting sustainable economic growth as well as job creation. of course, monetary policy does not react mechanically to monetary developments, but rather responds to the information in monetary aggregates that is relevant for maintaining price stability over the medium term. to make best use of the informational role of money, however, we have to address numerous and increasing challenges. it is worth noting that not everybody is convinced that globalisation has played an important role in the flattening of the phillips curve. for instance, frederic mishkin, axel weber and donald kohn emphasize the uncertainty surrounding the quantification of this globalisation effect, and laurence ball even questions this effect on theoretical grounds. part of these doubts comes from the apparent lack of robustness of the result indicating that domestic inflation has become more sensitive to global output - gap fluctuations, which tends to weaken the case for the globalisation explanation of the flattening of the phillips curve. benati l. ( 2007 ), “ long - run evidence on money growth and inflation ”, forthcoming in the ecb working paper series. one major difficulty is identifying in real time the nature of monetary developments and their implications for future price developments. the challenge of monetary analysis is to see through the noise in monetary data to recover those underlying trends which are relevant for monetary policy decisions. meeting this challenge has not been straightforward in recent years in the euro area. first of