European Central Bank - eurosystem
Search Options
Home Media Explainers Research & Publications Statistics Monetary Policy The €uro Payments & Markets Careers
Sort by

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 16 November 2022.

May 2022

At a glance


The financial stability outlook has weakened as higher energy prices and increased risks to inflation and growth amplify existing vulnerabilities.

Full report

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


This edition also looks at the increasing risks that crypto-assets are posing to financial stability as investor demand for them has grown.


Watch our latest findings

Financial stability conditions have deteriorated as higher inflation and Russia’s war in Ukraine test the post-pandemic recovery.

For the media

Initial market reactions to the invasion were largely orderly, although prices are still at risk of correction, while banks face weaker profitability after a strong recovery in 2021.

Read the press release

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

The ECB Podcast

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

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?

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?

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

All pages in this section