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The review period for this Annual Report runs from 1 April 2023 to 31 March 2024. Financial stability risks remained high in 2023 and early 2024 owing to a challenging macroeconomic environment, significant volatility in financial markets and high geopolitical uncertainty. Subdued economic growt...

Risks to financial stability in the EU increased significantly in 2022. The outbreak of the war in Ukraine caused a rapid deterioration in the risk landscape, leading to greater geopolitical uncertainty, surging inflation and worsening growth prospects owing to higher energy, food and commodity ...

Risks to financial stability have perceptibly increased since the Russian invasion of Ukraine and were significantly higher at the end of the review period than a year earlier. The economic impact of the war in Ukraine, in combination with the tightening of financial conditions on the back of th...

The period under review, from the start of April 2020 to the end of March 2021, was dominated by the coronavirus (COVID-19) pandemic. The pandemic gave rise to an extreme economic shock affecting the global and EU economy and increasing risks to financial stability....

The period under review was characterised by a high level of policy uncertainty and by faster than expected moderation of economic growth. Economic sentiment indicators decreased in most EU Member States and public and private sector forecasters revised their projections of output growth. Agains...

During 2013 – the third year of operation of the European Systemic Risk Board (ESRB) – the ESRB continued to monitor the stability of the financial system of the EU against the background of a weak and uneven economic recovery. The public and private debt overhang remained large, fostering an at...

The period under review, from the start of April 2019 to the end of March 2020, included the onset of the coronavirus (COVID-19) pandemic in the first quarter of 2020. The pandemic gave rise to an extreme economic shock affecting the global and EU economy and financial stability. Following the o...

The period under review was characterised by an environment of low economic growth and low interest rates, although the European and global economic outlook improved towards the end of the review period. The ESRB (jointly with the ECB) devoted significant resources to analysing the effect of thi...

2015 marked the fifth year of operation of the European Systemic Risk Board. Since its inception in 2010, the ESRB has continued to be confronted with exceptional conditions, reflecting the aftermath of the financial and sovereign debt crisis across Europe. Although market-based indicators of sy...

The period covered by this Annual Report has been marked by the first signs of normalisation of economic activity in Europe, after a long period of crisis. The underlying weakness of the economy, the prolonged period of low inflation and the resulting low level of interest rates have nevertheles...