Central bank explores use of tools similar to ChatGPT to help draft briefings and write newsletters
Trained on large data sets of unlabelled text, generative AI is capable of having a humanlike conversation and producing unique content. While many private sector companies have already seized on the new technology to gain a competitive edge since its emergence last year, central banks have been more cautious due to concerns about reliability, legal risks and transparency.
However, ECB officials say they are working closely with other major central banks to explore AI, including the US Federal Reserve, Bank of England and Monetary Authority of Singapore. The ECB is already using AI in several areas, including structuring the real-time pricing information it tracks on thousands of products and classifying the data it collects from millions of sources. These are time-consuming and relatively mundane tasks that can be done faster and more efficiently by a computer.
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