Research| Education | Advice
Sascha Steffen is the DWS Senior Chair in Finance and Professor of Finance at the Frankfurt School of Finance & Management. His work focuses on private credit and nonbank financial intermediation, combining rigorous research with policy-relevant insight for Europe’s financial system.
Talks about: Private Credit & Nonbank Finance · Financial Intermediation · Banks & Capital Markets · AI-enabled measurement of opaque financial markets
Annual Conference 2026: Financing European Sovereignty
Annual Conference 2026: Financing European Sovereignty
Financing Europe’s Sovereignty.
The 3rd Annual CfET Conference brought together leading investors, corporates, and policymakers to mobilize capital for Europe’s defence and energy resilience—moving decisively from ambition to execution. And we launched the CfET “Transformation Investment Compass”.
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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 Committee, I trace the funding chain from European G-SIBs through BDC credit facilities to middle-market borrowers, and explain why facility-level transparency matters before the next downturn, not after it.