European Systemic Risk Board's (ESRB) Annual report: Risks to financial stability remained elevated in 2025 and into early 2026 amid a highly uncertain external environment, but the financial system as whole proved resilient
- The ESRB continued to work on several important cross-sectoral and cross-border policy topics. On average, national authorities tightened their macroprudential stance in 2025.
- The General Board agreed a strategic approach to provide a holistic, EU-wide and cross-sectoral view of systemic risk. It prioritised strengthening holistic risk assessment and further embedding a system-wide approach to macroprudential policy.
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