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Financial News: ECB Says Financial Stability Conditions Improve As Recessi

ECB Says Financial Stability Conditions Improve As Recession Risks Fade

05/16/2024 - 08:15:00 (RTTNews)

(RTTNews) - The European Central Bank said the financial stability conditions improved as recession risks declined but cautioned that financial markets remain vulnerable to further adverse shocks.

In its bi-annual Financial Stability Review, released Thursday, the ECB said the financial stability benefited from an improving economic outlook with easing inflation and recovering investor sentiment.

That said, the ECB noted that the outlook remains fragile as the scope for economic and financial shocks is high in an environment of elevated geopolitical and global policy uncertainty.

ECB Vice-President Luis de Guindos said, "Geopolitical risks continue to cloud the outlook for financial stability."

"While financial stability conditions have improved in line with reduced recession risks and lower inflation, it remains crucial that we build further on the resilience of the financial system in the light of global economic and geopolitical uncertainty," Guindos added.

Further, the central bank observed that tight financial conditions continue to test the resilience of a cohort of vulnerable euro area households, firms and governments.

The ECB also reported that low bank valuations indicate that investors are concerned about the durability of bank profitability. The bank cited worries about bank asset quality, high bank funding costs and chances of banking revenue falling due to poor operating income as challenges for euro area banks. The bank concluded that the banking system is well-equipped to weather these risks given strong capital and liquidity positions.

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