Financial Stability Review

2013 - 2024

From European Central Bank
60640 Frankfurt am Main, Germany.
Contact information at EDIRC.
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2024, volume 2

Low firm productivity: the role of finance and the implications for financial stability

Desislava Andreeva, Vasco Botelho, Alessandro Ferrante, Lucyna Gόrnicka and Francesca Lenoci

Communication for financial crisis prevention: a tale of two decades

John Fell, Sándor Gardó, Benjamin Klaus, Jonas Wendelborn and Stefan Wredenborg

2024, volume 1

Private markets, public risk? Financial stability implications of alternative funding sources

Katharina Cera, Pierce Daly, Lieven Hermans, Philippe Molitor, Oscar Schwartz Blicke, Andrzej Sowiński and Elisa Telesca

The rise of artificial intelligence: benefits and risks for financial stability

Georg Leitner, Jaspal Singh, Anton van der Kraaij and Balázs Zsámboki

Turbulent times: geopolitical risk and its impact on euro area financial stability

Daniel Dieckelmann, Christoph Kaufmann, Chloe Larkou, Peter McQuade, Caterina Negri, Cosimo Pancaro and Denise Rößler

2023, volume 2

Real estate markets in an environment of high financing costs

Ellen Ryan, Barbara Jarmulska, Giorgia De Nora, Adele Fontana, Aoife Horan, Jan Hannes Lang, Marco Lo Duca, Claudiu Moldovan and Marek Rusnák

Assessing risks from euro area banks’ maturity transformation

Lara Coulier, Sandor Gardo, Benjamin Klaus, Francesca Lenoci, Cosimo Pancaro, Alessio Reghezza, Marcel Bräutigam, Rasmus Pank Roulund, Gernot Stania and Nina Stizi

2023, volume 1

Climate change and sovereign risk

Tina Emambakhsh, Stephan Fahr, Margherita Giuzio, Clementine Mc Sweeny Pourtalet, Martina Spaggiari and Josep Maria Vendrell Simon

Key linkages between banks and the non-bank financial sector

Emanuele Franceschi, Maciej Grodzicki, Benedikt Kagerer, Christoph Kaufmann, Francesca Lenoci, Luca Mingarelli, Cosimo Pancaro and Richard Senner

Gauging the interplay between market liquidity and funding liquidity

Nander de Vette, Benjamin Klaus, Simon Kördel and Andrzej Sowiński

2022, volume 2

Towards a framework for assessing systemic cyber risk

John Fell, Nander de Vette, Sandor Gardo, Benjamin Klaus and Jonas Wendelborn

Household inequality and financial stability risks: exploring the impact of changes in consumer prices and interest rates

Daniel Dieckelmann and Julian Metzler

Financial stability risks from energy derivatives markets

Oana Furtuna, Alberto Grassi, Annalaura Ianiro, Kristina Kallage, Robert Koci, Francesca Lenoci, Andrzej Sowiński and Francesco Vacirca

2022, volume 1

Decrypting financial stability risks in crypto-asset markets

Lieven Hermans, Annalaura Ianiro, Urszula Kochanska, Veli-Matti Törmälehto, Anton van der Kraaij and Josep M. Vendrell Simón

Climate-related risks to financial stability

Tina Emambakhsh, Margherita Giuzio, Luca Mingarelli, Dilyara Salakhova and Martina Spaggiari

2021, volume 2

Bank mergers and acquisitions in the euro area: drivers and implications for bank performance

Isabel Figueiras, Sandor Gardo, Maciej Grodzicki, Benjamin Klaus and Laura Lebastard

Creditor coordination in resolving non-performing corporate loans

John Fell, Miha Cajnko, Maximilian Fandl, Maciej Grodzicki, Claudia Mayer, O’Brien, Edward, Martina Spaggiari and Pär Torstensson

Bank capital buffers and lending in the euro area during the pandemic

Cyril Couaillier, Marco Lo Duca, Alessio Reghezza, Rodriguez d’Acri, Costanza and Alessandro Scopelliti

2021, volume 1

Climate-related risks to financial stability

Spyros Alogoskoufis, Sante Carbone, Wouter Coussens, Stephan Fahr, Margherita Giuzio, Friderike Kuik, Laura Parisi, Dilyara Salakhova and Martina Spaggiari

Corporate zombification: post-pandemic risks in the euro area

Tobias Helmersson, Luca Mingarelli, Benjamin Mosk, Allegra Pietsch, Beatrice Ravanetti, Tamarah Shakir and Jonas Wendelborn

2020, volume 2

Prospects for euro area bank lending margins in an extended low-for-longer interest rate environment

Ugo Albertazzi, Desislava Andreeva, Marco Belloni, Alberto Grassi, Christian Gross, Jonas Mosthaf and Tamarah Shakir

Financial stability considerations arising from the interaction of coronavirus-related policy measures

Elena Rancoita, Maciej Grodzicki, Christoffer Kok, Julian Metzler, Algirdas Prapiestis and Hannah S. Hempell

2020, volume 1

Derivatives-related liquidity risk facing investment funds

Marios Gravanis, Audrius Jukonis, Elisa Letizia and Linda Rousová

Trends in residential real estate lending standards and implications for financial stability

Jan Hannes Lang, Mara Pirovano, Marek Rusnák and Claudia Schwarz

2019, volume 2

Assessing the systemic footprint of euro area banks

Michał Adam, Paul Bochmann, Maciej Grodzicki, Luca Mingarelli, Mattia Montagna, Rodriguez d’Acri, Costanza and Martina Spaggiari

Euro area bank profitability: where can consolidation help?

Desislava Andreeva, Maciej Grodzicki, Csaba Móré and Alessio Reghezza

2019, volume 1

Macroprudential space and current policy trade-offs in the euro area

Matthieu Darracq Paries, Stephan Fahr and Christoffer Kok

Economic shocks and contagion in the euro area banking sector: a new micro-structural approach

Giovanni Covi, Mattia Montagna and Gabriele Torri

Climate change and financial stability

Margherita Giuzio, Dejan Krušec, Anouk Levels, Ana Sofia Melo, Katri Mikkonen and Petya Radulova

2018, volume 2

Counterparty and liquidity risks in exchange-traded funds

Michael Grill, Claudia Lambert, Philipp Marquardt, Gibran Watfe and Christian Weistroffer

The resurgence of protectionism: potential implications for global financial stability

Allan Gloe Dizioli and Björn van Roye

How can euro area banks reach sustainable profitability in the future?

Magnus Andersson, Christoffer Kok, Harun Mirza, Csaba Móré and Jonas Mosthaf

2018, volume 1

The distribution of interest rate risk in the euro area

Peter Hoffmann, Benjamin Klaus and Sam Langfield

Predicting the likelihood and severity of financial crises over the medium term with a cyclical systemic risk indicator

Carsten Detken, Stephan Fahr and Jan Hannes Lang

A new financial stability risk index to predict the near-term risk of recession

Andrea Deghi, Peter Welz and Dawid Żochowski

2017, volume 2

Higher Future Financial Market Volatility: Potential Triggers and Amplifiers

Magnus Andersson, Lieven Hermans and Thomas Kostka

Recent Developments in Euro Area Repo Markets, Regulatory Reforms and their Impact on Repo Market Functioning

Michael Grill, Julija Jakovicka, Claudia Lambert, Pascal Nicoloso, Lea Steininger and Michael Wedow

Cross-Border Banking in the Euro Area since the Crisis: What is Driving the Great Retrenchment?

Martin Schmitz and Marcel Tirpák

Overcoming Non-Performing Loan Market Failures with Transaction Platforms

John Fell, Maciej Grodzicki, Dejan Krušec, Reiner Martin and O’Brien, Edward

2017, volume 1

Resolving Non-Performing Loans: A Role for Securitisation and Other Financial Structures?

John Fell, Claudiu Moldovan and O’Brien, Edward

Measuring Credit Gaps for Macroprudential Policy

Jan Hannes Lang and Peter Welz

Assessing the Decoupling of Economic Policy Uncertainty and Financial Conditions

Thomas Kostka and Björn van Roye

2016, volume 2

Adapting Bank Business Models: Financial Stability Implications of Greater Reliance on Fee and Commission Income

Christoffer Kok, Harun Mirza, Csaba Móré and Cosimo Pancaro

Addressing Market Failures in the Resolution of Non-Performing Loans in the Euro Area

John Fell, Maciej Grodzicki, Reiner Martin and O’Brien, Edward

Towards a Framework for Calibrating Macroprudential Leverage Limits for Alternative Investment Funds

Koen van der Veer, Anouk Levels, Raymond Chaudron, Michael Grill, Monica Petrescu, Christian Weistroffer and Luis Molestina Vivar

2016, volume 1

Recent Trends in Euro Area Banks' Business Models and Implications for Banking Sector Stability

Christoffer Kok, Csaba Móré and Monica Petrescu

Systemic Implications of the European Bail-In Tool: a Multi-Layered Network Analysis

Grzegorz Halaj, Anne-Caroline Hüser, Christoffer Kok, Cristian Perales and Anton van der Kraaij

A Case for Macroprudential Margins and Haircuts

Niccolò Battistini, Michael Grill, Pierre Marmara and Koen van der Veer

2015, volume 2

Quantifying the Policy Mix in a Monetary Union with National Macroprudential Policies

Matthieu Darracq Paries, Elena Rancoita and Christoffer Kok

Systemic Risk, Contagion and Financial Networks

Lorenzo Cappiello, Mattia Montagna and Linda Rousová

Euro area insurers and the low interest rate environment

Elia Berdin, Christoffer Kok, Katri Mikkonen, Cosimo Pancaro and Josep Maria Vendrell Simon

The Impact of the Basel III Leverage Ratio on Risk-Taking and Bank Stability

Michael Grill, Jan Hannes Lang and Jonathan Smith