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MAP20200001225Financial Stability Review, November 2019. — Frankfurt : European Central Bank, 2019Sumario: Macro-financial and credit environment - Weaker economic outlook amid elevated uncertainty - Near-term sovereign debt sustainability concerns mitigated by favourable financing conditions - Euro area households' resilience supported by low interest rates - Emerging pockets of corporate sector vulnerabilities - Diverging residential and commercial real estate cycles - Explaining cross-border transactions in euro area commercial real estate markets -- Financial Markets - Rally in safer asset markets - Riskier asset prices reliant on low rates - Valuations in corporate bond and equity markets -- Euro area banking sector - Increased challenges to the profitability of the sector - Implications of bank misconduct costs for bank equity returns and valuations - Climate risk-related disclosures of banks and insurers and their market impact - Evaluating the resilience of the euro area banking sector - The ECB's new euro area banking sector macro-micro model -- Non-bank financial sector - Non-banks increased risk-taking while facing profitability challenges in the low interest rate environment - Investment funds and the transmission of the global financial cycle to the euro area1. Servicios financieros. 2. Mercados financieros. 3. Euro. 4. Espacio Económico Europeo. 5. Resiliencia. 6. Transacciones comerciales. 7. Vulnerabilidad. 8. Perspectivas económicas. 9. Financiación de los riesgos. I. Banco Central Europeo. II. Title.