FRANKFURT: The European Central Bank (ECB) must weigh how the artificial intelligence (AI) boom is tightening financing conditions, chief economist Philip Lane says. In a speech in Dublin on Tuesday, he observed how the hype around the technology is impacting world markets and borrowing costs, with expectations of greater productivity in the long run “plausibly contributing to the global increase in long-term interest rates”. “Especially since the scale of the European AI boom is not of the same order as the global AI boom, the spillover to the eurozone bond market means that the increase in long-term interest rates constitutes a material tightening of financial conditions for the eurozone,” he said.
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