Sascha SteffenFrankfurt School · CfET
Commentary

Notes on private credit, written from our data and research.

Longer pieces on what the filings, fundraising numbers and bank balance sheets show. Posts carry charts with source and vintage and are tagged by theme. Older posts (2021–2024, banking and monetary policy) are shown under Archive.

28 May 2026

The Funding Chain Paradox: European Banks, Private Credit, and the Backstop That Depends on What It Replaces

Private credit acts as a countercyclical backstop for the real economy — but that backstop is itself funded by the banking system. Drawing on two new papers and a presentation to the ESRB Advisory Scientific...

Research

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