Financial Stability Review
The Financial Stability Review provides an overview of potential risks to financial stability in the euro area. It aims to promote awareness in the financial industry and among the public of euro area financial stability issues. It is published twice a year, with the next release set for 27 May 2026.
At a glance
Financial stability vulnerabilities remain elevated, given uncertainty over geoeconomic trends and the impact of tariffs.
Read the key messagesThis issue also looks at the systemic risk arising from linkages between banks and non-bank financial intermediaries.
Explore the impact this has on financial stabilityExplore the latest sources of risk and vulnerabilities for the euro area financial system in detail by reading the full report.
See the full reportFor the media
Uncertainty over global economic trends and the impact of tariffs are keeping financial stability risks elevated.
Read the press releasePresentation slides
View the key messages and findings as presented by Vice-President Luis de Guindos in the press conference marking the latest release.
See the slidesThe ECB Podcast: The rise of AI, stablecoins and private markets: how stable is the financial system?
What do trade tensions, an unpredictable US economic policy, geopolitical issues, a potential AI bubble and the rise of stablecoins mean for financial stability in the euro area? Our host Paul Gordon speaks to financial stability expert John Fell to find out.
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CHECK OUT OUR PREVIOUS RELEASES
The ECB Podcast
In some previous episodes of The ECB Podcast, our host talked to experts about topics and trends that matter for financial stability in the euro area.
Our world is full of uncertainties. But what are the economic and financial implications of such turbulent times? And what does this mean for Europe? We answer these questions and more in the latest episode of The ECB Podcast.
Listen to the podcast on trade, tensions, tariffsHow worried should Europe be about financial stability at a time of geopolitical and policy uncertainty and rising global trade tensions? As we mark the 20th anniversary of our Financial Stability Review, our host Paul Gordon discusses the risks with expert John Fell.
Listen to the podcast on financial stability in uncertain timesWhat does the rapid advance of AI mean for our financial system? And how is financial stability affected by geopolitical risk? Our host Stefania Secola puts these questions to expert John Fell in The ECB Podcast’s regular look at financial stability in the euro area.
Listen to the podcast on financial stability in a ChatGPT worldHow are financial markets reacting to higher rates, a sluggish economy and geopolitical tensions? Should we worry about property markets?
Listen to the podcast on resilience in gloomy timesAre cyberattacks a threat to financial stability? Why do hackers target financial institutions?
Listen to the podcast on cyberthreats to the financial systemHow is financial stability faring in today's challenging environment? What risks do we see for financial markets and the real estate sector?
Listen to the podcast on financial stability amid high inflation and rate hikesHow is financial stability doing in the wake of Russia’s invasion of Ukraine? What risks are we keeping an eye on, for instance in the crypto-asset and housing markets?
Listen to the podcast on financial stability amid Russia’s war in UkraineSEE ALSO
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Macroprudential policies
The Macroprudential Bulletin provides insight into our work in the field of macroprudential policy. The aim of the Macroprudential Bulletin is to raise awareness of macroprudential policy issues in the euro area and to foster broader discussion on key macroprudential issues.
Macroprudential Bulletin