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Artificial intelligence is boosting productivity in the euro zone but it is not yet causing a wave of layoffs due to greater automation of labour, European Central Bank President Christine Lagarde has claimed.

Testifying to the European Parliament's Economic and Monetary Affairs committee this morning, Lagarde said:

What we are seeing for the moment is that it's increasing productivity. But we are not yet seeing consequences in terms of labour market and waves of redundancies that are feared, and that you know we will be extremely attentive going forward."

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