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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 provisionally set for 22 November 2023.

May 2023

At a glance


The outlook for euro area financial stability remains fragile amid weak macro-financial conditions and unexpected stress in the banking sectors of some mature economies.

Read the key messages of the May 2023 report
Full report

Explore the latest sources of risk and vulnerabilities for the euro area financial system in detail by reading the full report.

See the full May 2023 report

This edition looks at how interaction between market and funding liquidity can create liquidity spirals that cause systemic risks to financial stability.

Find out more about liquidity and financial stability

For the media

Challenging macro-financial conditions are testing the resilience of firms, households, and governments, and rendering financial markets and investment funds more vulnerable to disorderly adjustments.

Read the press release of 31 May 2023

Presentation 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 slides of 31 May 2023

The ECB Podcast: Hacktivists, ransoms and cyberwar – threats for the financial system?

Are cyberattacks a threat to financial stability? Why do hackers target financial institutions?

Listen to the podcast

The ECB Podcast

Also in previous episodes of The ECB Podcast, our host talked to experts about topics and trends that matter for financial stability in the euro area.

Is financial stability at risk?

How 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 hikes
Financial stability amid Russia’s war in Ukraine

How 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 Ukraine
Financial stability in the wake of the third wave

What does financial stability have to do with cycling and zombies? How has the third wave of the pandemic affected the financial system? What risks lie ahead?

Listen to the podcast on financial stability in the wake of the third wave
Not an expert? Check out our explainer
Learn more
Spotlight on financial stability


Find out more about related content

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

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