ECB's Nagel: AI offers tools to process vast datasets and can improve predictive accuracy
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ECB's Nagel highlights AI's potential to process vast datasets, improving predictive accuracy and aiding central banks in identifying economic issues faster. AI can detect inflationary pressures and labor-market shifts, enhancing policymaking. Despite fears of AI replacing humans, Nagel views it as a tool to boost productivity, similar to past technological advancements that created new jobs.
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