Money, banking, finance and artificial intelligence: two compasses
To chart a course through the uncharted waters where money, banking and finance meet artificial intelligence, the Bank of Italy’s Final Considerations offer two compasses: efficiency and justice. The significance of Fabio Panetta’s words becomes even clearer when they are read alongside the more universal message emerging from Pope Leo XIV’s first encyclical, dedicated to “magnificent humanity.” The best of secular thought can be in harmony with the highest expression of Catholic thought. Fed Chair Kevin Warsh should read them: if the U.S. central bank today appears focused primarily on the benefits of innovation, while neglecting the financial risks that may accompany it, the Bank of Italy suggests that growth, stability and the distribution of benefits must be considered together.
