Andrew Bailey, the Governor of the Bank of England, stated that prioritizing regulation of artificial intelligence should not be the immediate focus. Instead of implementing laws, he advocated for a concentrated effort on thorough testing of AI systems to identify vulnerabilities and mitigate risks.
He emphasized that the associated threats are both real and rapidly increasing. However, he opposed any bans or halts on development, highlighting the significant benefits that these technologies could bring to the economy.
Bailey believes that the industry requires clear frameworks and intervention mechanisms. In the UK, the relevant AI Safety Institute is already conducting assessments, but he stressed the need to accelerate this work.
He further noted that during testing, algorithms are bound to fail and behave unpredictably.
“This does not indicate a failure in testing, but rather highlights its urgent necessity,” he asserted.
The regulator's head assessed that testing does not replace oversight; rules will emerge over time. However, he considers it a mistake to initiate control solely with regulatory restrictions.
It is worth mentioning that on September 29, US President Donald Trump and leaders from six major AI companies signed a voluntary agreement to oversee the safety of advanced models.
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