Christine Lagarde, president of the European Central Bank, is calling for prudential supervision of artificial intelligence agents deployed in European finance, warning about programs capable of executing orders without human validation and amplifying market shocks. These agents are already paying each other in stablecoins through protocols like Coinbase’s x402 or Google’s AP2, bypassing traditional banking infrastructure. Market concentration also poses a systemic risk: three cloud providers control approximately two-thirds of the global cloud market, with only a handful of developers able to run these models at industrial scale. Europe is nevertheless moving at a slower pace, with the Commission having postponed AI Act obligations for high-risk systems to December 2027, while the digital euro targets a first issuance in 2029.
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