Vienna:Rashad Najafli, Deputy Director of the Economic Analysis Department of the Center for Analysis of Economic Reforms and Communication (CAERC), participated in an international conference in Vienna, Austria. The event focused on ‘New Challenges in Maintaining Financial Stability and Managing Financial Crises in the World of Digital Finance and Artificial Intelligence Implications for Central Banks.’
According to Azerbaijan State News Agency, the conference was co-organized by the Austrian Central Bank (OeNB), the European Monetary and Financial Forum (SUERF), the Vienna Joint Institute, and the Yale University Financial Stability Program. It addressed the current challenges facing the modern financial system, particularly the impact of artificial intelligence (AI) and digital finance on the banking sector and financial stability.
The conference gathered high-level representatives from leading central banks, international financial institutions, and academic circles. Discussions centered on AI’s potential to enhance risk management, data analysis, and control mechanisms, while also introducing new systemic risks like algorithmic decision-making and the acceleration of digital banking flows.
Thomas Steiner, a Member of the Board of the Austrian Central Bank, opened the event. Following him, Klaas Knot, Former President of the Netherlands Central Bank and Former Chairman of the Financial Stability Board, delivered a presentation on the systemic risks posed by non-bank financial intermediation and its potential impact on global financial stability.
Executives and senior representatives from prestigious institutions such as the European Central Bank, the Bank for International Settlements, the International Monetary Fund, and others attended the event, highlighting its significance in addressing pressing financial challenges.