BoE's Bailey: regulating AI 'not the right place to start'

Bank of England Governor Andrew Bailey said in his first Substack article that regulation is not the right starting point for AI, calling instead for rigorous testing to find vulnerabilities and safeguards to contain risk. He said the risks are real and growing, but development should not be halted.

• Bailey: testing should find vulnerabilities and set boundaries for AI
• Unexpected model behavior shows why testing is necessary, not that it failed
• Regulation may emerge over time, but is not the first step
• Bailey wrote his first-ever article for Substack