Where AI risks meet
Welcome address by Ms Christine Lagarde, President of the European Central Bank and Chair of the European Systemic Risk Board, at the Tenth Annual Conference of the European Systemic Risk Board, Frankfurt am Main, 1 October 2026.
The speech focuses on financial stability and the use of AI in the financial sector; it contains no statement on interest rates, inflation or the monetary policy stance, so it carries no signal.
This speech carries no signal about the monetary policy stance. Its score of zero means "no signal", not "balanced stance", so it is not included in the bank's average score.
Summary
Opening the tenth annual conference of the European Systemic Risk Board (ESRB) in its 15th year, Lagarde recalled that the board was created to take a holistic view of the financial system, drawing on lessons from the global financial crisis and the European debt crisis. She said the growing importance of artificial intelligence is testing this system-wide perspective. She noted that around nine in ten significant euro area banks use generative AI and that most securities firms expect to increase their investment in this area. She touched on the benefits AI can bring for data analysis, risk assessment and efficiency. The text covers only the introductory section and does not address monetary policy.
The summary and score are produced by a language model and are no substitute for the original text. Source: BIS Central Bankers' Speeches →
Model: claude-code/opus · prompt version 2
This score was produced automatically in the daily data job with Claude Code, using the same prompt, scale and rules.
ECB (European Central Bank) · Euro area
Full text of the speech
Source: European Central Bank (ECB). © European Central Bank; reproduced with the source acknowledged. The text was extracted automatically from the publisher's PDF or web page; only line breaks were adjusted. Footnotes and tables may have turned into plain text — see the source for the official text.
It is a pleasure to welcome you to the tenth annual conference of the European Systemic Risk Board (ESRB), as we mark 15 years since its creation.
The ESRB was born of a hard lesson laid bare by the global financial crisis and reinforced by Europe’s sovereign debt crisis.
Risks had been building across institutions and markets, while the view of any one authority remained incomplete. Europe needed a way to see the financial system as a whole, so it brought central banks and supervisors together around one table to provide that overall perspective.
15 years on, the rising importance of artificial intelligence (AI) is putting that system-wide view to the test.
Generative AI is already widely used in finance. Nearly nine out of ten significant euro area banks use it. Furthermore, in a recent survey of EU securities market firms, seven out of ten respondents expected to increase their investment in AI.
There is good reason for that interest. AI can help financial institutions analyse vast amounts of data more quickly and improve how they assess risk. More broadly, the potential productivity gains could allow firms to offer customers a better service while using their resources more efficiently.