Artificial intelligence has become an opportunity of enormous significance and one of the two major vectors that, in opposite directions, are shaping the world economy today, according to the managing director of the International Monetary Fund (IMF), Kristalina Georgieva. However, she warned that, if solid oversight mechanisms are not established, the risks associated with this technology may come to outweigh its benefits, affecting financial stability, debt and employment, given that 60% of jobs in advanced economies will be altered by this "tsunami" in a relatively near horizon.
In a colloquium held at the International Banking Conference 2026, organized by Banco Santander and in which the chief executive president of the Cantabrian institution, Ana Botín, also took part, the IMF chief underscored the "enormous" opportunity opened up by AI, with the potential to become a democratic tool within everyone’s reach.
Along these lines, she reiterated that the enthusiasm around AI, the volume of capital allocated to its development and the wealth effect derived from the increase in associated valuations have become one of the major drivers of global growth. However, she stressed that the fruits of this process are concentrated in a very small group of producer countries, integrated into the AI value chain, among which she cited the United States, China and India, while Europe has still not reached that level, with the exception of the Netherlands.
Against this backdrop, Georgieva identified three main sources of risk. The first, the danger to financial stability linked to the investment fervor in AI, since, if this new pillar of the economy falters, "there will be serious problems". She also recalled that emerging technologies are often overvalued in the short term and underestimated in the long term, which could lead to massive capital withdrawals if the enthusiasm deflates.
At the same time, she drew attention to the increase in AI projects financed with debt, often long-dated and with a high component of circular investment. "I invest in you, you invest in me, we are all very happy, except that if something goes wrong, that would be a big problem," she summed up, alluding to the fragility of this type of structures.
On the other hand, the IMF director focused on the impact of AI on labor markets, which she compared to "a slow tsunami, but a tsunami nonetheless".
According to the institution’s forecasts, 40% of jobs worldwide will be affected by AI in a relatively short period, a percentage that rises to 60% in advanced economies, where the adjustment will take place "within a period of three to five years".
Georgieva explained that some positions will be transformed for the better, with higher salaries, others will disappear and many will be redefined. She pointed out that in the United States there is already a decline in routine jobs, often entry-level positions for young people, while demand for low-skilled service jobs is increasing.
"The net impact on employment is slightly positive, so far, but the structure of employment is very different", she noted.
Same risk, same rules in AI regulation
From the other side of the table, the president of Santander agreed that AI represents a real opportunity and "a unique event in the history of humanity", which for a group like hers opens the door to getting ahead of more lagging competitors.
Botín clarified that, for companies, adopting AI does not mean having it fully implemented, something that is still far from being achieved on a large scale and that requires common global platforms and an international dimension. "Europe needs global banks and companies", she stated.
As efficiency is gained, the bank president insisted on the relevance of the skills of middle managers and their motivation to integrate and use AI in processes.
Likewise, she emphasized the need for the regulatory framework around AI to respond to the principle of "same risk, same rules" in areas such as access to accounts by new agents: "if an agent accesses your account, does it follow the same rules? What implications does this have for liquidity and privacy?"
Regarding employment, she stressed that the arrival of this technology demands different profiles and skills, which forces the training of a large number of people in new abilities, a process that, she acknowledged, will take time.