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Senne Aerts
Macro Prud Policy&Financial Stability
- Current Position
-
Graduate Programme Participant
- Fields of interest
-
Macroeconomics and Monetary Economics,Economic Growth,Other Special Topics
- Other current responsibilities
- 2023-
Member, NGFS Workstream on Scenario Design and Analysis Chair team (Network for Greening the Financial System)
- Education
- 2020-2021
MA in Economics, KU Leuven, Belgium
- 2017-2019
MA in Business Engineering, KU Leuven, Belgium
- 2014-2017
BA in Business Engineering, KU Leuven, Belgium
- Professional experience
- 2023-
Analyst - Front Office, Directorate General Macroprudential Policy & Financial Stability, European Central Bank
- 2022-2023
Analyst - Administrative Services Division, Directorate General Corporate Services, European Central Bank
- 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
- 4 December 2023
- THE ECB BLOGDetails
- JEL Code
- E60 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→General
E61 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Policy Objectives, Policy Designs and Consistency, Policy Coordination
H12 : Public Economics→Structure and Scope of Government→Crisis Management
Q54 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Climate, Natural Disasters, Global Warming