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Financial Stability Review

The Financial Stability Review provides an overview of the possible sources of risk and vulnerability to financial stability in the euro area.

Its aim is to promote awareness of issues that are relevant for safeguarding the stability of the euro area financial system, both within the financial industry and among the public.

The Financial Stability Review is published twice a year.

24 November 2016 - Interview with Vítor Constâncio: The Financial Stability Review November 2016

All issues
2016 November Full PDF
May Full PDF , ePUB version
2015 November Full PDF , ePUB version
May Full PDF , ePUB version
2014 November Full PDF , ePUB version
May Full PDF , ePUB version
2013 November Full PDF , ePUB version
May Full PDF , ePUB version
2012 December Full PDF
June Full PDF
2011 December Full PDF , Summary
June Full PDF , Summary
2010 December Full PDF , Summary
June Full PDF , Summary
2009 Dec Full PDF Summary
Jun Full PDF Summary
2008 Dec Full PDF Summary
Jun Full PDF
2007 Dec Full PDF
Jun Full PDF
2006 Dec Full PDF
Jun June
2005 Dec Full PDF
Jun Full PDF
2004 Dec Full PDF

About the review

Cover of the Financial Stability Review

Since 2004 the ECB has published twice a year the Financial Stability Review which provides an overview of the possible sources of risk and vulnerability to financial stability in the euro area.

The review aims to promote awareness of issues that are relevant for safeguarding the stability of the euro area financial system both within the financial industry and among the public at large. By providing an overview of the possible sources of risk and vulnerability to financial stability, the FSR also seeks to play a role in preventing financial crises.

What is financial stability?

Financial stability is a state whereby the build-up of systemic risk is prevented.

Systemic risk can best be described as the risk that the provision of necessary financial products and services by the financial system will be impaired to a point where economic growth and welfare may be materially affected.

Systemic risk can derive from three sources:

  • an endogenous build-up of financial imbalances, possibly associated with a booming financial cycle
  • large aggregate shocks hitting the economy or the financial system
  • contagion effects across markets, intermediaries or infrastructures