On June 30, 2024, the 94th Annual General Meeting of the Bank for International Settlements (BIS) was held in Basel, during which the annual report for 2023 was presented. The meeting was attended by major international organizations and central banks, including the International Monetary Fund, the European Central Bank, and institutions within the European System of Central Banks (ESCB).
At the meeting and during the related thematic sessions, held also on June 29, the key macroeconomic dynamics affecting global financial systems were discussed. These systems have shown significant resilience despite prolonged inflationary processes that are now approaching the targets set by central banks.
Regarding the main challenges that financial systems and their supervisory authorities will face both in the short and long term, the increasing importance of artificial intelligence (AI) models was discussed. This applies to both financial intermediaries and central banks, taking into account the potential destabilizing effects, as well as the potential benefits that can arise from their conscious use.
The Central Bank of the Republic of San Marino participated with a delegation consisting of the Managing Director and the Head of International Relations, further strengthening ties with governors of other central institutions. On this occasion, the possibility of cooperating with BIS representatives was discussed, focusing on the study and implementation of strategies aimed at incorporating AI models into the management of institutional functions. This would promote greater operational efficiency, productivity increases, and an improved ability to manage the technical and regulatory complexities related to the signing of the Association Agreement between San Marino and the European Union.