Dinner speech by Philip R. Lane, Member of the Executive Board of the ECB, at the Closing Conference of the European System of Central Banks Research Network on Challenges for Monetary Policy Transmission in a Changing World (ChaMP)^[1]

Rome, 6 July 2026

Let me begin by congratulating everyone involved in the ChaMP research network on a remarkably successful research programme: it has delivered many new insights regarding the transmission of monetary policy and has been directly influential in our policy discussions in recent years.

In these dinner remarks, I would like to focus on one topic in particular: the implications of artificial intelligence (AI) for the monetary policy stance.^[2]

A natural benchmark analysis is to view AI as permanently increasing productivity, boosting incomes. If households and firms quickly internalise the permanent nature of the productivity shock and incorporate future increases in incomes into their spending decisions, the advent and adoption of AI could…