European Central Bank Governing Council member José Luis Escrivá warned that central banks must strengthen oversight of financial infrastructure and cybersecurity as artificial intelligence evolves, while resisting attempts by private stablecoins to displace the trust traditionally provided by sovereign monetary institutions.

At an event in Tarragona on Saturday, Escrivá said recent AI breakthroughs are compelling policymakers to reassess the resilience of financial systems. His remarks come amid mounting concern over Anthropic’s Mythos model, which has heightened fears among regulators and executives about the emergence of more sophisticated cyber threats.

Developed by Anthropic, the model has drawn scrutiny because it has not been broadly released, leaving officials eager to better understand its potential implications. European policymakers are also increasingly wary that financial systems outside the US may face disadvantages due to more limited access to advanced AI technologies.

Escrivá said the global economy is undergoing a historic technological transformation that is creating both opportunities and new vulnerabilities. He specifically pointed to private stablecoins as a source of concern, arguing that their credibility depends on confidence in the assets backing them.

He said central banks remain uniquely positioned to provide the trust and stability that underpin the broader financial system, a role that private instruments cannot replicate.

The comments align with warnings issued Friday by Christine Lagarde, who said stablecoins could threaten banking stability and complicate monetary policy transmission. Most stablecoins are tied to the US dollar and have grown rapidly as a means of moving money across borders outside traditional banking channels.

Lagarde argued that while euro-denominated stablecoins may offer limited short-term benefits in financing and international reach, those advantages are outweighed by the broader risks they pose to Europe’s financial system and policy framework.