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Alexandra Born
Macro Prud Policy&Financial Stability
- Division
Financial Regulation and Policy
- Current Position
-
Principal Financial Stability Expert
- Fields of interest
-
Financial Economics,Macroeconomics and Monetary Economics,International Economics
- Education
- 2007-2011
PhD in Economics, Bonn Graduate School of Economics, University of Bonn, Germany
- 2002-2007
Master (Diploma) in Economics, University of Cologne, Germany
- Professional experience
- 2015-
Senior/Principal Financial Stability Expert, Financial Regulation and Policy Division, Directorate General Macroprudential Policy and Financial Stability, European Central Bank
- 2011-2015
Economist, International Monetary Fund, Washington D.C., United States
- 13 April 2026
- MACROPRUDENTIAL BULLETIN - ARTICLE - No. 33Details
- Abstract
- Stablecoins denominated in US dollars have attracted considerable attention in the context of their growing influence in US Treasury markets. However, the potential effects of euro-denominated stablecoins on euro area sovereign debt markets have been less explored, partly owing to their currently limited market presence. This article explores how the growth of euro-denominated stablecoins could affect demand for euro area sovereign bonds. By determining the pass-through rate of stablecoin demand to sovereign bond holdings by way of several illustrative examples, we demonstrate how the effect varies based on whether stablecoins are issued by banks or e-money institutions (EMIs), on the composition of stablecoin reserve assets, and on the liquidity management preferences of banks and EMIs. Moreover, the net effect hinges on the sectoral origins of stablecoin inflows, which vary according to what stablecoins are, and will be, used for. We also argue that on the one hand, the deposit requirement for EMIs set out in the European Union’s Markets in Crypto-Assets Regulation (MiCAR) can act as a liquidity buffer during periods of stress, reducing the likelihood of immediate sales of other reserve assets, on the other hand it could also transmit stress arising from a stablecoin run to the banking system.
- JEL Code
- E42 : Macroeconomics and Monetary Economics→Money and Interest Rates→Monetary Systems, Standards, Regimes, Government and the Monetary System, Payment Systems
G23 : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
- 13 April 2026
- MACROPRUDENTIAL BULLETIN - ARTICLE - No. 33Details
- Abstract
- The market for tokenised money market funds (TMMFs) – money market funds (MMFs) whose shares are issued as tokens on distributed ledgers – remains small but is expanding rapidly. This article explores the specific design features of TMMFs, including the tokenisation of their underlying assets, liabilities and operational processes. It analyses key economic differences between TMMFs and traditional MMFs, with a particular focus on their implications for financial stability. Tokenisation has the potential to enhance efficiency by enabling faster settlement together with near-24/7 availability and programmability, while unlocking new use cases, such as employing TMMF tokens as collateral. However, TMMFs could also amplify risks related to liquidity mismatches and operational fragilities. A dedicated box in this article compares TMMFs with stablecoins, assessing their financial stability implications and interlinkages. Ultimately, the net financial stability impact of TMMFs will depend on how the market evolves, how it will affect prevailing business models and how it will integrate and interact with traditional financial markets.
- JEL Code
- G23 : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
G32 : Financial Economics→Corporate Finance and Governance→Financing Policy, Financial Risk and Risk Management, Capital and Ownership Structure, Value of Firms, Goodwill
O33 : Economic Development, Technological Change, and Growth→Technological Change, Research and Development, Intellectual Property Rights→Technological Change: Choices and Consequences, Diffusion Processes
- 13 April 2026
- MACROPRUDENTIAL BULLETIN - ARTICLE - No. 33Details
- Abstract
- This article describes the current landscape of tokenised assets, illustrating the potential benefits across the entire asset value chain – from issuance to distribution and sales. As the Eurosystem is working towards enabling the settlement of distributed ledger technology (DLT) transactions using central bank money with a pilot by the end of the third quarter of 2026, we examine key enablers and barriers to unlocking the benefits of tokenisation for a digital capital market in Europe while safeguarding financial stability. These include the need for on-chain secondary market liquidity to enable scaling, as well as adaptations and harmonisation of the regulatory framework. Based on these findings, this article highlights how tokenisation, if it scales more widely, could contribute to the savings and investments union (SIU) agenda in two major ways. First, it offers an opportunity to create a European digital asset ecosystem from the early stages, in contrast to the fragmented market for traditional financial instruments, which developed from national markets. Second, it has the potential to improve market liquidity and efficiency, which can ultimately increase the scalability and development of capital markets in Europe. In turn, this could facilitate a more efficient allocation of capital within the economy. Lastly, developing a DLT ecosystem relying on European governance and based on assets denominated in euro is essential to maintaining monetary sovereignty and strategic autonomy. Finally, this article discusses the role of public authorities – including central banks, in providing the conditions for innovation to develop in a safe and resilient manner.
- JEL Code
- F36 : International Economics→International Finance→Financial Aspects of Economic Integration
G10 : Financial Economics→General Financial Markets→General
G18 : Financial Economics→General Financial Markets→Government Policy and Regulation
O33 : Economic Development, Technological Change, and Growth→Technological Change, Research and Development, Intellectual Property Rights→Technological Change: Choices and Consequences, Diffusion Processes
- 13 April 2026
- MACROPRUDENTIAL BULLETIN - ARTICLE - No. 33Details
- Abstract
- Tokenisation holds the promise to automate the issuance process for bonds, reduce settlement times and enable more efficient and cheaper processes for conducting transactions. Given the transformative potential of tokenisation and distributed ledger technology (DLT) for capital markets and for the savings and investments union, this article investigates empirically whether the tokenisation of bonds – while still at an early stage – improves bond issuance efficiency and market liquidity. The tokenised bond market is currently still small but has seen an uptick in issuance over the past two years. To overcome the challenge presented by the limited availability of data on tokenisation, we construct a unique dataset for our analysis, primarily composed of financial and non-financial corporate bonds issued predominantly in Europe. Employing a matching procedure at the issuer-bond level, we ensure that tokenised and conventional bonds are comparable before assessing whether tokenisation has the potential to boost issuance efficiency, for example by automating processes, and to improve market liquidity by lowering entry and transaction barriers. We find that tokenised bonds reduce borrowing costs and improve market liquidity, but with no visible reduction in operational costs (all relative to the group of matched conventional bonds). Given that the market is still in its infancy, our results indicate that there may be greater benefits as the market grows. However, the future impact of tokenisation and the realisation of its potential benefits in terms of efficiency and liquidity will hinge on the underlying infrastructure and the possibility for the market to scale. Central banks initiatives – such as the Eurosystem’s explorations on the acceptance of DLT-based collateral and initiatives to improve and modernise market infrastructures - serve as key enablers that could support a scaling up of the market.
- JEL Code
- G10 : Financial Economics→General Financial Markets→General
G23 : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
G32 : Financial Economics→Corporate Finance and Governance→Financing Policy, Financial Risk and Risk Management, Capital and Ownership Structure, Value of Firms, Goodwill
O33 : Economic Development, Technological Change, and Growth→Technological Change, Research and Development, Intellectual Property Rights→Technological Change: Choices and Consequences, Diffusion Processes
- 26 March 2026
- WORKING PAPER SERIES - No. 3208Details
- Abstract
- Decentralised Finance (DeFi) emerged in 2021 as a fast-growing crypto segment, attracting policymakers’ attention due to its innovative approach of delivering financial services without relying on centralised intermediaries. This paper assesses DeFi governance arrangements for regulating and supervising DeFi using a comprehensive dataset. We find that governance token holders of four protocols (Aave, MakerDAO, Ampleforth, Uniswap) are highly concentrated with around half or more holdings linked to the protocols themselves or exchanges. Top voters are mostly delegates, who, in many cases, could not be identified nor linked to token holders. The study offers insights for policymakers regarding the implementation of policy measures aimed at bringing relevant entities under the regulatory umbrella. The difficulty in identifying holders and voters using public data may make it hard to rely on some of the regulatory anchor points often put forward in the policy debate such as governance token holders, developers or centralised exchanges.
- JEL Code
- G18 : Financial Economics→General Financial Markets→Government Policy and Regulation
G23 : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
O33 : Economic Development, Technological Change, and Growth→Technological Change, Research and Development, Intellectual Property Rights→Technological Change: Choices and Consequences, Diffusion Processes
- 23 March 2026
- OCCASIONAL PAPER SERIES - No. 382Details
- Abstract
- This paper provides an overview of analytical work conducted largely in 2025, under their own aegis, by experts from various European central banks and authorities in the field of crypto-asset monitoring and presented at the Crypto-Asset Monitoring Expert Group (CAMEG) 2025 Conference. Currently, risks stemming from crypto-assets and the potential implications for central banking and relevant authorities’ domains remain limited and/or manageable, also given the existing regulatory and oversight frameworks. Nevertheless, the importance of monitoring developments in crypto-assets, raising awareness of the potential risks and fostering analytical preparedness cannot be overstated. This paper offers a brief background of the 2025 activities of CAMEG, which brings together experts from the European System of Central Banks and the European Banking Authority. It also provides abstracts from various CAMEG and non-CAMEG papers and other analytical works presented at the conference held on 30 and 31 October 2025. The conference aimed to take stock of analytical work and data issues in the area of crypto-assets, while fostering European collaboration and monitoring in this field. Finally, this paper outlines the prospective way forward for CAMEG, focusing on gaining greater insight into data and deepening analytical work on interlinkages, crypto-asset adoption and the latest trends.
- JEL Code
- E42 : Macroeconomics and Monetary Economics→Money and Interest Rates→Monetary Systems, Standards, Regimes, Government and the Monetary System, Payment Systems
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
G23 : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors
O33 : Economic Development, Technological Change, and Growth→Technological Change, Research and Development, Intellectual Property Rights→Technological Change: Choices and Consequences, Diffusion Processes
- 21 May 2025
- FINANCIAL STABILITY REVIEW - ARTICLEFinancial Stability Review Issue 1, 2025Details
- Abstract
- The market capitalisation of crypto-assets has surged recently, fuelled by positive and broadening investor interest, including from traditional finance. Several key financial stability risks associated with crypto-assets have been identified in past editions of this publication and by the Financial Stability Board. They include, among others, interconnectedness with traditional finance, market volatility and lack of transparency, liquidity and maturity mismatches, and leverage and concentration. This special feature focuses on the first two. For these sources, risks for financial stability in the euro area appear limited, but there are signs that interconnectedness between the crypto-asset ecosystem and the traditional financial sector is strengthening. As it does, new channels of potential contagion are opening up, warranting closer monitoring. At the same time, euro area households’ direct exposures are slowly rising from low levels. Data gaps, especially for the crypto exposures of non-banks and leverage, pose challenges both for monitoring and for assessing the scale of these sources of systemic risk. It is therefore essential that these data gaps be closed and that responsible authorities remain vigilant. Although the EU has established a stringent regulatory framework, global regulation is either fragmented or absent, raising the risk of regulatory arbitrage and contagion from abroad.
- JEL Code
- G18 : Financial Economics→General Financial Markets→Government Policy and Regulation
G23 : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
G51 : Financial Economics
- 26 February 2025
- OCCASIONAL PAPER SERIES - No. 368Details
- Abstract
- This paper provides an overview of recent analytical work conducted, under their own aegis, by experts from various European authorities and institutions in the field of crypto-asset monitoring. Currently, risks stemming from crypto-assets and the potential implications for central banking domains are limited and/or manageable, including as regards the existing regulatory and oversight frameworks. Nevertheless, the importance of monitoring developments in crypto-assets, raising awareness of the potential risks and fostering preparedness cannot be overstated. In light of this, this paper sets out the background to the establishment of the Crypto-Asset Monitoring Expert Group (CAMEG) in late 2023 to bring together experts from the Eurosystem’s central banks and from the European Systemic Risk Board (ESRB). It also provides abstracts of various papers and other analytical works presented at the inaugural CAMEG conference held on 24 and 25 October 2024. The conference aimed to take stock of analytical work and data issues in this area, while fostering European collaboration and monitoring in the field of crypto-assets. Finally, this paper outlines the prospective way forward for the CAMEG, focusing on gaining greater insight into data in this area and deepening analytical work on interlinkages, crypto-asset adoption and the latest trends.
- JEL Code
- E42 : Macroeconomics and Monetary Economics→Money and Interest Rates→Monetary Systems, Standards, Regimes, Government and the Monetary System, Payment Systems
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
G23 : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors
O33 : Economic Development, Technological Change, and Growth→Technological Change, Research and Development, Intellectual Property Rights→Technological Change: Choices and Consequences, Diffusion Processes
- 18 June 2024
- FINANCIAL INTEGRATION AND STRUCTURE BOXFinancial Integration and Structure in the Euro Area 2024Details
- Abstract
- The issuance of these temporary recovery instruments has renewed the discussion on the benefits of a common safe asset and their transformative potential for EU financial integration. Given that a common safe asset may foster financial integration in the euro area by facilitating diversification and de-risking banks’ sovereign portfolios, this box assesses the extent to which these newly issued EU bonds (i) are perceived by market participants as a common safe asset, and (ii) can facilitate diversification and affect banks’ sovereign portfolio composition.
- JEL Code
- G12 : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
H63 : Public Economics→National Budget, Deficit, and Debt→Debt, Debt Management, Sovereign Debt
- 6 November 2023
- WORKING PAPER SERIES - No. 2864Details
- Abstract
- This paper investigates the contribution of capital markets to international risk sharing in the euro area over the 2000Q1-2021Q1 period. It provides three main contributions: First, the estimation of country-specific vector autoregressions (VAR) shows that shock absorption through capital markets remains modest, particularly in the southern euro area. Second, we analyse the geographical patterns of the capital channel. While risk sharing between southern and northern euro area countries led the improvements in income smoothing at the beginning of the 2000s, intra-regional capital flows supported income smoothing in the recent past. Third, based on a panel threshold VAR, we analyse how the composition of external capital positions impacts the capital channel. Long-term portfolio debt assets and liabilities as well as equity liabilities significantly improved income smoothing. The effect is more pronounced for northern countries, in line with their larger cross-border portfolios, when compared to the southern countries. Regarding foreign direct investment, only northern countries benefited from inward positions.
- JEL Code
- C23 : Mathematical and Quantitative Methods→Single Equation Models, Single Variables→Panel Data Models, Spatio-temporal Models
E62 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Fiscal Policy
G11 : Financial Economics→General Financial Markets→Portfolio Choice, Investment Decisions
G15 : Financial Economics→General Financial Markets→International Financial Markets
- 11 July 2022
- MACROPRUDENTIAL BULLETIN - FOCUS - No. 18Details
- Abstract
- This article describes the main features and risks of decentralised finance (DeFi), focusing in particular on similarities and differences between DeFi and traditional finance. While the financial services provided through DeFi mainly replicate those of traditional financial services but within the crypto-asset ecosystem, they are provided in a novel way that relies on automated protocols and cuts out centralised intermediaries. The article explains how this novel method of service provision entails specific financial stability risks and regulatory challenges.
- JEL Code
- G23 : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
G01 : Financial Economics→General→Financial Crises
- 11 July 2022
- MACROPRUDENTIAL BULLETIN - ARTICLE - No. 18Details
- Abstract
- Stablecoins are in the spotlight due to their rapid growth, increasing global use cases and potential financial risk contagion channels. This article analyses the role played by stablecoins within the wider crypto-asset ecosystem and finds that some existing stablecoins are already critical to liquidity in crypto-asset markets. This could have wide-ranging implications for crypto-asset markets if a large stablecoin were to fail and could also have contagion effects if crypto-assets’ interlinkages with the traditional financial system continue rising. To date, the speed and cost of stablecoin transactions, as well as their redemption terms and conditions, have fallen short of what is required of practical means of payment in the real economy. Their growth, innovation and increasing use cases, coupled with their potential contagion channels to the financial sector, call for the urgent implementation of effective regulatory, supervisory and oversight frameworks before significant further interconnectedness with the traditional financial system occurs.
- JEL Code
- E42 : Macroeconomics and Monetary Economics→Money and Interest Rates→Monetary Systems, Standards, Regimes, Government and the Monetary System, Payment Systems
G13 : Financial Economics→General Financial Markets→Contingent Pricing, Futures Pricing
G18 : Financial Economics→General Financial Markets→Government Policy and Regulation
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
- 11 July 2022
- MACROPRUDENTIAL BULLETIN - ARTICLE - No. 18Details
- Abstract
- Financial stability risks stemming from crypto-assets are rising, and the crypto-asset ecosystem has become more complex and interconnected. This issue of the Macroprudential Bulletin takes a deep dive into the risks and policy implications of several segments of the crypto-asset market. One central element is stablecoins, whose growth, innovation and increasing global use cases call for the urgent implementation of appropriate regulatory, supervisory and oversight frameworks before significant further interconnectedness with the traditional financial system occurs. Another fast-growing segment within the crypto ecosystem is decentralised finance (DeFi), whose novel way of providing financial services without relying on centralised intermediaries entails specific financial stability risks and regulatory challenges. Lastly, this issue highlights the climate transition risk for the financial sector stemming from the significant carbon footprint of certain crypto-assets like bitcoin and proposes potential measures that can be taken by authorities..
- JEL Code
- E42 : Macroeconomics and Monetary Economics→Money and Interest Rates→Monetary Systems, Standards, Regimes, Government and the Monetary System, Payment Systems
G18 : Financial Economics→General Financial Markets→Government Policy and Regulation
G23 : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
- 17 November 2021
- FINANCIAL STABILITY REVIEW - BOXFinancial Stability Review Issue 2, 2021Details
- Abstract
- The market capitalisation of stablecoins has increased from USD 5 billion to USD 120 billion since 2020. Despite their recent growth, stablecoins still only account for around 6% of the estimated USD 2 trillion total market capitalisation of crypto-assets, though interlinkages between stablecoins and crypto-assets imply a correlation of risks between these market segments. At the same time, the functions served by stablecoins within the ecosystem have multiplied. In addition to acting as a relatively safe “parking space” for crypto volatility, stablecoins serve as a bridge between fiat currencies and crypto-assets and are used for trading or as collateral in crypto-asset derivative transactions or in decentralised finance. Against this background of stablecoins’ interlinkages with the wider crypto-asset market and their direct links to the traditional financial system, this box analyses the risks associated with the evolving functions of stablecoins and the financial stability implications of such risks. It concludes that while stablecoins currently pose limited financial stability risks in the euro area, their growing size, usage and connected infrastructure may alter this assessment in the future. Nevertheless it highlights that the global reach of this market underscores the need for global standard-setting bodies to further assess the extent to which existing standards are appropriate for, and applicable to, stablecoins and close any gaps as necessary.
- JEL Code
- E42 : Macroeconomics and Monetary Economics→Money and Interest Rates→Monetary Systems, Standards, Regimes, Government and the Monetary System, Payment Systems
G13 : Financial Economics→General Financial Markets→Contingent Pricing, Futures Pricing
G18 : Financial Economics→General Financial Markets→Government Policy and Regulation
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
- 19 October 2021
- MACROPRUDENTIAL BULLETIN - FOCUS - No. 15Details
- Abstract
- Green capital markets are growing rapidly while being more resilient and integrated than traditional markets. Enhancing market structures and standards will help decrease greenwashing risk and foster further growth in green finance and the transition towards carbon neutrality.
- JEL Code
- G11 : Financial Economics→General Financial Markets→Portfolio Choice, Investment Decisions
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
G23 : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
Q54 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Climate, Natural Disasters, Global Warming
Q56 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Environment and Development, Environment and Trade, Sustainability, Environmental Accounts and Accounting, Environmental Equity, Population Growth
- 2019
- Economic Journal
- 2013
- Journal of Economic Dynamics and Control
- 2012
- Open Economies Review