The Bank for International Settlements published a study on October 8, 2026 (Paper No. 174) by economists Leonardo Gambacorta and Salvatore Polizzi, warning that the growing energy consumption of artificial intelligence is obscuring the indicators followed by central banks to set interest rates. The International Energy Agency forecasts that global data center consumption could exceed 945 terawatt hours by 2030, more than double current levels. This increase in electricity demand complicates the interpretation of key economic signals such as capacity utilization and inflationary pressure, potentially leading to inappropriate monetary policy decisions. The study also notes that massive investments in AI infrastructure and energy generation carry financial stability risks in case of disappointing returns.
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