Assistant Professor @TilburgU_TILT | Research Coordinator @TILEC1 | Credit, payments, competition | Ex City lawyer | Yacht rock ambassador

Joined October 2018
Why is so much of #AI being financed with #debt, when #innovation is typically funded with equity? That is the question I explore in a new paper, which examines the recent wave of AI financing transactions through a law-and-macro-finance lens. Read here papers.ssrn.com/sol3/papers.…
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Strait of Hormuz: A CitriniResearch Field Trip The Field Report from Analyst #3 is live. citriniresearch.com/p/strait…
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🇳🇱 DUTCH MINISTRY OF FINANCE BREACHED The Dutch Ministry of Finance has taken its digital portal for Treasury banking offline following a cyberattack. The downtime has affected hundreds of Dutch public institutions, including ministries, government agencies, educational organizations, social funds, and local governments.
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A great piece from Jacques de Larosière, one of the world's leading, most experienced, distinguished & classiest financial diplomats for decades -- "Europe is far from a Hamiltonian moment".👇 omfif.org/2026/03/europe-is-…
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🇪🇺🇳🇱 DUTCH COURT OF AUDITS FINDS "NO UNDERSTANDING" OF EFFECTIVENESS FOR AML APPROACH The Dutch Court of Audits has published a paper on Anti-Money Laundering (AML) in banking, finding that "there is no understanding of the effectiveness of the anti-money laundering approach." The paper states that "it is not clear whether the increasing controls by banks actually contribute to the prevention and detection of money laundering," while highlighting the significant costs imposed on banks. According to the court, AML measures are discriminatory particularly towards people with foreign surnames, stating that the lack of proven effectiveness of the measures "does not establish that this distinction is justified." The court plans to put its research into EU perspective later this year.
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Hell of a graphic from Morgan Stanley
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loved her work but this is really disappointing. i hope she can clear this up
To confirm, this “100% AI generated” passage is the opening of chapter 5 from Mary Shelley’s Frankenstein
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Striking how parochial much of the legal academy’s AI conversation sounds in light of perspectives like this one…
Our new essay is out in Science: "Agentic AI and the Next Intelligence Explosion" For decades, the AI "singularity" has been imagined as a single, godlike mind bootstrapping itself to omniscience. In this piece with the inimitable Benjamin Bratton (@bratton) and Blaise Agüera y Arcas (@blaiseaguera), we argue this vision is wrong in its most fundamental assumption. Every prior intelligence explosion—primate sociality, human language, writing, institutions—wasn't an upgrade to individual cognitive hardware. It was the emergence of a new socially aggregated unit of cognition. AI is extending this sequence, not breaking from it. The evidence is already inside the models themselves. In recent work, we showed that frontier reasoning models like DeepSeek-R1 don't improve by "thinking longer"—they spontaneously simulate internal multi-agent debates, what we call a "society of thought" (lnkd.in/guNfRtXh). Reinforcement learning for accuracy alone causes models to rediscover what epistemology and cognitive science have long suggested: robust reasoning is a social process, even within a single mind. This opens a vast design space. A century of research on team composition, hierarchy, role differentiation, and structured disagreement has barely been brought to bear on AI reasoning. The toolkits of organizational science become blueprints for next-generation AI. Outside the model, we've entered the era of human-AI centaurs—composite actors that are neither purely human nor purely machine. Agents that fork, differentiate, recombine. Recursive societies of thought that expand when complexity demands and collapse when problems resolve. The scaling frontier isn't just bigger models. It's richer social systems—and the institutions to govern them. Just as human societies rely on persistent institutional templates (courtrooms, markets, bureaucracies), scalable AI ecosystems will need digital equivalents. The Founders would have recognized the logic: no single concentration of intelligence should regulate itself. The intelligence explosion is already here. Not as a singular ascending mind, but as a combinatorial society complexifying—intelligence growing like a city. The question is whether we'll build the social infrastructure worthy of what it's becoming. No mind is an island. Read it here in Science (science.org/doi/10.1126/scie…) or free on the arXiv (arxiv.org/abs/2603.20639)
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Really recommend this interview between @freddiesayers and energy expert @HelenHet20 where Helen lays out why markets may be wrong in assuming things will return to normal once Iran is neutralised. The chaos may be the strategy. And whichever way you look it's bad for Europe, which is exposed as incapable of becoming strategically autonomous. The key points are: 1. The US intentionally benefits from chaos in the Strait of Hormuz because China heavily relies on Persian Gulf oil imports, whereas the US is largely self-sufficient. 2. Artificial intelligence development is incredibly electricity-intensive. By degrading China's energy security, the US directly undermines its primary competitor's ability to succeed in the global AI race. 3. The strategy deliberately aims to make European nations heavily reliant on American liquefied natural gas (LNG) rather than Middle Eastern sources, effectively undermining Europe's push for strategic autonomy and tying them closer to the United States. 4. The real disruption relates to Western shipping insurance companies, like Lloyd's of London, refusing to insure transit through the Persian Gulf after a US attack on an Iranian ship. Although the Trump administration claimed it would step in to provide insurance and military convoys to ease the market, it has taken no meaningful action to do so. Consequently, ships bound for China are forced to operate without Western insurance. 5. The US agenda is to leave Europe to fend for itself in the region since it has little strategic interest in securing the Red Sea or the Suez Canal, as almost none of its own hydrocarbon or trade imports rely on that route. 6. Europe's leaders are trapped: they do not want to rely on an antagonistic Trump administration, they cannot rely on Russia, and they currently lack the unified military power to secure their own energy supply routes. youtube.com/watch?v=fZorjJr4…
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I've just done a deep dive on how the Polish central bank's gold purchases may have been intended for wartime financing from day one. When you look at promo NBP materials, the dog whistles were pretty brazen in retrospect. That image is taken from a promo that first ran 2 months ago. mindtheblindspot.substack.co…
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Chinese companies trying to move to Singapore and shed their Chinese identities may be facing pushback from Beijing. Glad I could contribute to this @FortuneMagazine piece on the surprise public appearance of Shein's low-key founder at a Guangdong forum. fortune.com/2026/03/09/singa…
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I like how the world is slowly waking up to the fact that you can just do things to russia and they can't really do anything back. You don't have to treat them like a real country. They're a criminal syndicate.
Over the past few hours, our armed forces, with the support of the French Defence, have boarded an oil tanker belonging to the Russian shadow fleet. The vessel is currently being escorted to the port of Zeebrugge, where it will be seized. Operation Blue Intruder was carried out by a team of exceptionally brave service members. Excellent work. More information tomorrow morning. Thanks for the excellent cooperation @AnneliesVl @jeanluccrucke @BernardQuintin_ @prevotmaxime @CaVautrin .
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Thanks @SSRN for featuring my paper on the role of lawyers in shaping the AI credit boom!
Coding #AI Finance: How Lawyers Shape Debt Capacity in the Innovation Economy This Article develops a Minskyan law-and-macro-finance framework revolving around the concept of “pledgeability”. Author: M. Konrad Borowicz Read More: spkl.io/6011AQSnZ #AI
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I do not think "all intellectual labor will done", but I do think that AI will cause major disruptions. There's always been good and bad reasons to engage in intellectual work, and AI will make the bad reasons infinitely worse. davidbessis.substack.com/p/l…
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Poof… and it’s gone.
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AI hit the real economy—and things broke. Alibaba's Qwen gave 25 RMB coupons; users told the AI what to buy and it matched stores, placed orders, triggered payment + delivery. Demand spiked into tens of millions, servers crashed, shops overflowed.
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WSJ is out with an article saying EY flagged META's off balance sheet accounting for data center debt as a Critical Audit Matter "Such a warning label is rare for a specific, high-profile transaction at a major audit client" Between circular financing deals and off-balance sheet SPVs, the market is giving dot-com vibes, if you will. 2000 is so back - $META, $OWL
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I think this is a bit hysterical. Academic publishing has at least two pragmatic functions. Much of the difficulty derives from trying to perform both of those functions with the same venue/process. Decouple them, and things can work just fine. Academic publishing does two things: it allocates *credentials*, and it attempts to allocate *attention*. The credentialing function of academic publishing is actually really important. Universities are our largest and most enduring organisations for fundamental research in the public interest. For that research to make genuine progress towards knowledge, we have to apply standards of rigour. To know who to hire into tenure-track positions, we need to be able to assess the quality of their work, and see how it is judged by their peers. And to decide who gets the ultimate liberty of being able to follow their intellectual interests wherever they lead (ie tenure), we need the same thing. Peer review has all sorts of flaws, it's broken in many different ways, but we need to have *some* mechanisms for this kind of quality control in order for the whole endeavour of the collective pursuit of wisdom in the public interest to advance. But the problem is, peer review takes *time*. And by the time it's complete, it's generally too late to contribute in a meaningful and effective way to the public conversation on a topic as fast-moving as AI progress. In addition, while the people running journals (etc) are often good judges of methodological rigour and other epistemic criteria, they are very *fallible* judges of what work is actually the most important, or otherwise in the broader interest of society (this is especially true for humanities fields like mine). But this just means that while academic publishing is the right vehicle for quality control and credentialing, it's the wrong one for the allocation of public attention. The solution seems pretty clear—especially since this is how things are basically already done in CS. Decouple the two things. Preprints, substacks, the other changing forms of public communication for the allocation of attention; journals and peer-reviewed conferences for the quality control/credentialing function. Obviously this exposes us to epistemic risk: if you don't wait for peer-review, then some of the work that attracts a tonne of public attention will prove to be bogus. But that's a self-correcting problem, since if it attracts a lot of attention then the errors are likely to be found out. And obviously peer review faces MANY challenges right now. But that's something that *can* be salvaged (and an area where AI is likely to help).
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💯 though the challenge is to connect fast payment systems across jurisdictions. Lots of interesting experiments currently taking place around the world. SEPA instant already makes this a reality in the EU
stablecoins have a fiat problem. stablecoins are often described as instant, global, and 24/7/365, which is true when activity stays onchain. however, when stablecoins touch legacy rails, those guarantees break down. most stablecoin platforms still rely on wires or ACH to move USD in and out. these rails are slow, expensive, complex + they were never designed to keep up with real-time money movement. a stablecoin platform built on ACH or wires under the hood should be understood as crypto with bank hours rather than next-gen fintech. that limitation defines a ceiling for everything built on top. since these rails can’t move instantly, most ecosystem players cannot support true one-to-one stablecoin minting/redemption in real time. instead, they rely on complex liquidity management (e.g. lines of credit, warehouse facilities) that operate alongside actual redemption activity. these limitations are handicapping the industry, at least as it relates to payments use cases and it’s easily avoidable. some ecosystem participants are responding to these pressures by using in-house payment networks like CUBIX and CRNow. while these systems can address isolated use cases within a single institution, they introduce liquidity fragmentation, integration burden and complexity. real-time fiat rails like RTP and FedNow solve a lot of these problems. both of them now have a $10M transaction limit to give exchanges and issuers instant settlement for high-value flows. once these rails are fully adopted, platforms can deliver real-time settlement end to end with true one-to-one minting/redemption. at that point, fiat can move at stablecoin speed and expand what the industry can build
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