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Financial stability review

 
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<title>Financial stability review</title>
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<namePart>Banco Central Europeo</namePart>
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<issuance>monographic</issuance>
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<placeTerm type="text">Frankfurt</placeTerm>
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<publisher>European Central Bank</publisher>
<dateIssued>2025</dateIssued>
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<extent>123 p.</extent>
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<abstract displayLabel="Summary">The document highlights that euro area financial stability remains vulnerable amid easing trade tensions but persistent global uncertainty, fiscal fragility, and structural risks. Key concerns include stretched valuations and market concentration, rising sovereign debt sustainability challenges, and growing interlinkages between banks and non-bank financial intermediaries (NBFIs), which amplify liquidity and leverage risks. While banks show strong profitability, capital, and liquidity buffers, exposures to tariff-sensitive corporates and reliance on short-term non-bank funding pose vulnerabilities. Non-banks face valuation shocks, liquidity mismatches, and leverageespecially in hedge funds and private marketswhile insurance and pension funds remain resilient but exposed to illiquid assets and margin call risks. Additional threats stem from cyber risks, AI-driven disruptions, and regulatory fragmentation. The report calls for strengthening macroprudential frameworks for NBFIs, accelerating EU capital market integration, and preserving bank resilience to safeguard financial stability in an environment of elevated uncertainty</abstract>
<tableOfContents displayLabel="Contents">1 Macro-financial and credit environment -- 1.1 External headwinds continue to weigh on euro area growth -- 1.2 Some fiscal paths may raise debt sustainability concerns -- 1.3 Firms face a fragile recovery given external pressures and high debt service costs -- Box 1 From localised shocks to systemic risks: the hidden threat of rolling recessions -- 1.4 Elevated savings bolster household resilience -- 1.5 As a recovery in real estate markets gains traction, tail risks remain elevated in some countries and segments -- 2 Financial markets -- 2.1 Steepening yield curves signal growing unease over sovereign debt trajectories -- 2.2 Compressed risk pricing in equity and corporate bond markets -- Box 2 The role of household investors in market downturns -- 2.3 Risk of spillovers across markets as concentration and exposures increase -- 3 Euro area banking sector -- 3.1 An improving near-term outlook for banking sector profitability, although some downside risks remain -- 3.2 Banks are benefiting from favourable financing conditions -- Box 3 US dollar activities of European banks: business models and financial stability implications -- 3.3 Asset quality remains sound in aggregate, but some sectors and countries have seen a slight deterioration -- 3.4 Liquidity and capital buffers remain ample -- 3.5 Preserving bank resilience continues to be the primary goal of macroprudential policy in an uncertain environment -- 4 Non-bank financial sector -- 4.1 The non-bank financial sector remains vulnerable to valuation shocks -- 4.2 Flows into investment funds recover, while hedge funds' footprint and leverage continue to grow -- Box 4 Procyclicality and leverage of euro area UCITS hedge funds: an unhealthy mix -- 4.3 Insurance and pension fund sectors remain resilient but face valuation and structural risks -- 4.4 Strengthening NBFI resilience and deepening EU capital markets -- Box 5 Stablecoins on the rise: still small in the euro area, but spillover risks loom -- Special Features -- What safe haven after the April US tariff announcement? Implications for euro area financial stability -- Systemic risks in linkages between banks and the non-bank financial sector</tableOfContents>
<note type="statement of responsibility">European Central Bank</note>
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<topic>Estabilidad financiera</topic>
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<topic>Política económica</topic>
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<topic>Riesgo sistémico</topic>
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<topic>Vulnerabilidad</topic>
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<topic>Deuda pública</topic>
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<topic>Intermediarios financieros</topic>
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<topic>Aranceles</topic>
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<topic>Entidades financieras</topic>
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<topic>Fondos hedge</topic>
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<topic>Fondos de pensiones</topic>
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<topic>Ciberriesgos</topic>
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<topic>Inteligencia artificial</topic>
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<topic>Armonización europea</topic>
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<geographic>Unión Europea</geographic>
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<classification authority="">921.91</classification>
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<url displayLabel="electronic resource" usage="primary display">https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/index.en.html</url>
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<relatedItem type="series">
<titleInfo>
<title>November 2025</title>
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<recordCreationDate encoding="marc">251211</recordCreationDate>
<recordChangeDate encoding="iso8601">20251212100257.0</recordChangeDate>
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