Financial stability review : May 2025
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<subfield code="a">The May 2025 Financial Stability Review assesses key risks and vulnerabilities in the euro area financial system amid heightened geopolitical and policy uncertainty. It examines the implications of trade tensions, volatile financial markets, fiscal pressures and structural challenges for households, firms, banks and non-bank financial institutions. While the euro area financial system remains resilient overall, the report highlights vulnerabilities related to asset valuations, liquidity and leverage, credit risk and sovereign finances. Special features explore the growing interconnectedness of crypto-assets with traditional finance, the financial stability implications of trade tensions, and the challenges posed by population agein</subfield>
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<subfield code="a">Financial Stability Review -- Foreword -- Overview -- 1 Macro-financial and credit environment -- 1.1 Trade tensions, policy uncertainty and geopolitical risks weigh on growth outlook -- Box 1 Cyber threats to financial stability in a complex geopolitical landscape -- 1.2 High spending needs and low growth complicate fiscal consolidation -- 1.3 Firms face higher debt service costs alongside trade tensions -- 1.4 Elevated savings support household resilience -- 1.5 Recovering real estate markets may face headwinds from elevated uncertainty -- 2 Financial markets -- 2.1 Financial markets have been volatile -- 2.2 The medium-term implications of tariffs might still challenge risky asset valuations -- Box 2 What does the record price of gold tell us about risk perceptions in financial markets? -- 2.3 Higher inflows and the prospect of fiscal expansion could support euro area financial markets -- 3 Euro area banking sector -- 3.1 Bank profitability remains solid but faces headwinds -- Box 3 The deposit franchise value of euro area banks -- 3.2 Asset quality deterioration has remained contained, but credit risk and provisioning needs are likely to increase -- 3.3 Banks' funding costs have fallen but are encountering frictions on their downward path -- Box 4 Digital banking: how new bank business models are disrupting traditional banks -- 3.4 Banks maintain robust liquidity and capital buffers -- 3.5 Preserving bank resilience is essential in an uncertain environment -- 4 Non-bank financial sector -- 4.1 Trade disputes may test non-bank asset valuations -- 4.2 Liquidity mismatches and increasing leverage in parts of the investment fund sector -- Box 5 Examining the dynamics of liquid asset holdings in the non-bank financial sector -- 4.3 Insurance and pension fund sectors remain resilient, but uncertainty poses risks -- 4.4 Enhancing the NBFI policy framework from a macroprudential perspective and supporting resilient capital markets -- Box 6 Private markets: risks and benefits from financial diversification in the euro area -- Special Features -- A Just another crypto boom? Mind the blind spots -- B Risks to euro area financial stability from trade tensions -- C Navigating financial stability in an ageing world</subfield>
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