Artificial Intelligence and economic and financial policymaking

At their final meeting under the Italian G7 Presidency on 19 December 2024, the G7 Finance Ministers and Central Bank Governors received a report from a High-Level Panel of Experts on “Artificial Intelligence and Economic and Financial Policy Making.”

Commissioned by the G7 Finance Ministers and Central Bank Governors, the report was led by Dr. Luis Videgaray and prepared by a panel of leading computer scientists, economists, and policy analysts. It explores AI's implications for the economy and financial sector.

The report examines AI-related technological uncertainties, macroeconomic effects on growth, labor productivity, and inequality, as well as potential risks to financial stability and cybersecurity. It also assesses how governments and financial authorities could use AI in policymaking.

While AI is recognized as a transformative technology with the potential to reshape economic structures and financial systems, the report underscores the uncertainty surrounding these impacts.

To enhance preparedness, the report offers non-binding policy recommendations, considering different national circumstances and future scenarios. It acknowledges that policy choices will vary by country and jurisdiction, reflecting differences in culture, legal systems, national priorities, risk perceptions, and specific needs.

Read full report here.