CBSM at bis annual meeting

On June 30th, Basel hosted the 94th Annual General Meeting of Shareholders of the Bank for International Settlements (BIS). During the meeting, the Annual Report for 2023 was presented to an audience of 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).

During the main sessions and the workshops that took place starting from June 29th, key macroeconomic dynamics impacting financial systems were thoroughly explored. Despite prolonged inflationary trends, financial systems worldwide have demonstrated significant resilience and are now nearing the targets set by central banks.

Discussions also revolved around the increasing importance of artificial intelligence (AI) models, one of the main challenges that financial systems and supervisory authorities will have to face in the short and long term. The rise of AI is expected to impact both financial intermediaries and central banks, considering the potential destabilizing effects as well as the possible benefits that can result from its informed use.

The Central Bank, at the invitation of the BIS, participated with a delegation composed of the Director General and the Head of International Relations. The event served as an excellent opportunity to strengthen ties with the governors of other key institutions. On this occasion, discussions with BIS representatives covered the possibility of cooperating in the study and implementation of strategies to incorporate artificial intelligence models into the management of institutional functions. This would result in greater operational efficiency, increased productivity, and enhanced capability in managing the technical and regulatory complexities associated with the signing of the Association Agreement between San Marino and the European Union.