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#05Financial stabilityPublished

Systemic?

Can a single technology become a systemic risk?

ThenewB drawing #05, “Systemic?”. Four channels, cyber, markets, credit and infrastructure, converge on an AI chip linked to the financial system. Caption: one technology, multiple transmission channels.

In ten seconds

In 2026, the EBA, the ECB and the FSB describe four channels through which AI reaches the financial system: cyber, markets, credit and infrastructure. According to the EBA, more than a third of private credit deals in 2025 were AI-related.

Signal

In 2026, the EBA, the ECB and the FSB describe four channels through which AI reaches the financial system: cyber, markets, credit and infrastructure. According to the EBA, more than a third of private credit deals in 2025 were AI-related.

Paradox

Each channel is monitored on its own. The risk lies in the fact that they share the same source.

Implication

A risk map built in silos misses the concentration. AI exposure in credit, at suppliers and in cyber has to be read together.

Sources

  • EBA, Risk Assessment Report, June 2026
  • ECB, Financial Stability Review 2026
  • FSB, Chair’s Letter, August 2026

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