G20 finance ministers and central bank governors at their September 1 meeting recognized artificial intelligence as a general-purpose technology capable of changing the trajectory of the global economy. Participants linked productivity growth to investment in AI, computing capacity and digital infrastructure, while also pointing to the risks the technology poses to the financial sector.
The agenda also included crypto-asset regulation, efforts to combat AI-related fraud, global stablecoins and faster cross-border payments. Representatives of the private sector and international organizations also took part in the discussions.
The Role of AI and the Approach to Regulation
G20 central banks reaffirmed their commitment to price stability and a resilient financial system, stressing that the independence of monetary policy remains essential to its effectiveness.
“The spread of AI is changing the structure of the economy, and regulators will have to distinguish between a genuine increase in productive capacity and temporary changes in demand. This will help prevent the short-term effects of technology adoption from being mistaken for a sustained acceleration in economic growth,” the press release says.
The ministers linked productivity growth to investment in AI, computing capacity and digital infrastructure. At the same time, they pointed to the risks the technology poses to the financial sector and other industries, and separately highlighted its potential to strengthen the financial system’s cyber resilience.
The Financial Stability Board (FSB) is preparing the final version of a document setting out principles for the responsible use of AI in the financial sector.
Implementation of Crypto Rules
The G20 also called on the FATF — an intergovernmental organization that develops international standards to combat money laundering and terrorist financing — to ensure that jurisdictions with significant crypto-asset activity effectively implement the organization’s standards in this area, making the task a priority.
Stablecoins and Cross-Border Payments
The FSB is preparing a final assessment of the risks associated with global stablecoins. The document will compile data on such assets, their sources and gaps in the available information.
The G20 supported extending the operating hours of major payment systems and moving to the ISO 20022 standard for financial data transmission. Countries also intend to simplify the secure cross-border exchange of financial information.
According to the press release, the G20 plans to shape crypto regulation in a way that preserves financial stability and trust while allowing new technologies to support economic development.