🌐 Global Economy Jun 11, 2026 · BankUnderground

Explainability in machine learning: do popular methods deliver on their promises?

Bank of England Blog
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Explainability in machine learning: do popular methods deliver on their promises?
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Ivona Cickovic and Andrea Serafino







Machine learning models are increasingly used in organisational decision-making, yet their inner workings often remain opaque. When these systems influence real world outcomes, knowing what they predict is not enough – we also need to understand why. Explainability methods aim to illuminate this ‘black box,’ and feature attribution tools that link predictions to individual inputs are especially popular. They feel intuitive but rely on strict data assumpt

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