Dear colleague,

We are pleased to invite you to register to the SUERF-BAFFI Bocconi E-lecture: Key takeaways from the ECB’s new Financial Stability Review,  taking place on Thursday, 1 June 2023, 15:00-16:00 CET.

Presentation of the May 2023 ECB Financial Stability Review
John Fell, Deputy Director General, Macroprudential Policy & Financial Stability, ECB

Discussion and Q&A with the audience
Hanna Westman, Chief Economist, Finnish Financial Stability Authority
Cristina Cella, Advisor, Financial Stabilty Department, Sveriges Riksbank Sveriges Riksbank

The e-lecture will be moderated by Ernest Gnan, SUERF

Motivation
Sticky global inflation has required a sharp rise in interest rates worldwide, with uncertainty on how much further and for how long the interest hiking cycle will need to last in the euro area. The uncertain inflation and interest rate outlook also weighs on the real economic outlook. Refinancing for banks has become substantially more costly. Financing conditions for non-financial firms and for private households have tightened considerably. Real estate prices have ended their upward trend or are falling, raising concerns about disorderly corrections in some segments or countries. Also, European governments are going to feel higher debt servicing costs. Lending has strongly fallen against higher interest rates and real economic uncertainty. While EU banks have shown strong resilience in the face of the recent unexpected turmoil in the US and Swiss banking sectors, signs of fragility are surfacing globally. Financial markets are characterized by elevated volatility. Liquidity and credit risks among non-banks may also affect banks. The ECB’s May 2023 Financial Stability Review is going to analyze these and related developments in detail and outlines the role and appropriate course of policies to safeguard financial system stability. After an overview of key findings by the ECB and an expert discussion of the results, there will be ample opportunity for webinar participants to ask questions and to comment.  

The Financial Stability Review provides an overview of potential risks to financial stability in the euro area. It aims to promote awareness in the financial industry and among the public of euro area financial stability issues.

It is published twice a year, with the next release date set to 31 May 2023.