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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 15 May 2024.

November 2023

At a glance

Overview

The outlook for euro area financial stability remains fragile amid weak macro-financial conditions and heightened geopolitical risks.

Read the key messages of the November 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 November 2023 report
Focus

We look at risks to euro area residential and commercial real estate markets in a turning property market cycle.

Find out more about risks to euro area real estate markets

For the media

The outlook for euro area financial stability remains fragile, as tighter financing conditions are increasingly transmitted to the real economy in an environment of weak growth, high inflation and heightened geopolitical risks.

Read the press release of 22 November 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 22 November 2023

The ECB Podcast: When the yin meets the yang: resilience in gloomy times

How are financial markets reacting to higher rates, a sluggish economy and geopolitical tensions? Should we worry about property markets?

Listen to the podcast

Analyse the results

The ECB Podcast

Also 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.

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 on cyberthreats to the financial system
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

SEE 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

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