欧元区政策：金融体系稳定性评估

EURO AREAFINANCIAL SYSTEM STABILITY ASSESSMENTKEY ISSUESContext:The euro area financial system had proven resilientthroughmultipleshocks,supported bysignificant bank capital and liquidity buffers. While nonbank financialintermediation (NBFI) has expanded rapidly, diversifying the financial landscape,renewed efforts to create deeper and more integrated markets remain hindered bynational fragmentation. The sector is currently experiencing heightened volatility. At theoutset of theFSAP,inflationwas declining, monetary policy easing, and economicrecoverywasgradually gathering strength.However, geopoliticaltensions and tradepolicy uncertainty have since clouded the outlook, amplifying financial market volatility.Findings:The euro area banking systemremains resilient to significant adverse shocks,including a severe geopolitical risk scenario. Risks may arise from a dislocationinsovereign debt markets, losses to counterparties,orliquiditydemandsincludingthosearisingfrominterlinkagesbetween banks and NBFI.The authorities made significantadvancements in the prudential framework since the 2018 FSAP,includingstrengtheningbanking supervision andestablishing the nascent centralAnti-Money LaunderingAuthority(AMLA). However, fragmentation continues to hinder the full benefits of thebanking union andthedevelopment of a morediversified, deeper,and integratedfinancial system that supports economic growth and investment.Policies:Completingthe euroareafinancial architectureremainscritical.Gaps in dataavailability and sharingpersist, despite arobust surveillance framework.Legal barriersshould beremoved, data collectioncentralizedattheEuropeanSupervisoryAuthorities(ESAs),andsystem-wide stress tests covering thefullfinancial systemconducted.Theauthoritiesshouldaddress deviations from Basel IIIandfurther harmonize thebankprudential framework, includingmacroprudential policies. The resources andprudentialpowers of the European authorities overseeing the NBFI sectorshould be strengthened,including by empoweringtheEuropean Securities and Markets Authority(ESMA)totop-up national measures for significantly leveraged funds andtoenforce cross-borderreciprocation.The FSAP recommendsintroducinga common deposit insurance systemandmore flexibility intothesingleresolutionmechanism(SRM),as well asstrengtheningemergency liquidityto the NBFI sector andtobanks inresolution. ThisReportis based on the work of the Financial SectorAssessment Program(FSAP) missions that visited theeuroarea inNovember 2024 and February–March 2025. The FSAPfindings were discussed with authorities during the Article IVconsultation mission in May 2025.The team was led by Marc Dobler (Mission Chief), Fabiana Melo,andLaura Valderrama (Deputy Mission Chiefs) under the oversight of Marina Moretti. Theteam included Mark Adams, Guillaume Arnould, Carolina Claver, Cristina Cuervo,Ender Emre, Tamas Gaidosch, Mindaugas Leika, Elisa Letizia, Paavo Miettinen,Kristina Miggiani, Apostolos Panagiotopoulos, Luc Riedweg, Emrah Sagkol,Mariano Spector, Richard Varghese, Peter Windsor, Hannah Winterberg (all IMF) andHarold Gallagher, Darryl King, Jennifer Long,Aditya Narain, and Lyndon Nelson(external experts). The team are grateful for editorial and logistical assistance fromKene Ndir and Margo Vandenbroucke; research assistance from Raadhika Vishveshand Rick Zheng; support for macro scenarios from Zoltan Jakab, and for modellingfrom Pierpaolo Grippa, Yuchen Zhang, and James Otterson.TheFSAPmetwith key officials from the European authorities including theEuropeanCentral Bank (ECB);the European Commission (EC);the European Banking Authority(EBA);the European Insurance and Occupational Pensions Authority (EIOPA); ESMA;theEuropean Systemic Risk Board (ESRB); andthe Single Resolution Board (SRB).Theteam thanksthe authorities for the excellent cooperation, hospitality, andrich policyFSAPs assess the stability of the financial system as a whole and not that of individualinstitutions. They are intended to help countries identify key sources of systemic risk inthefinancial sector and implement policies to enhance its resilience to shocks andcontagion.Certain categories of risk affecting financial institutions, such as operationalor legal risk, orrisk related to fraud, are not covered in FSAPs.In line with the 2021 Financial Sector Assessment Program Review (Decision No.17041-(21/46)), the financial stability assessment under this FSAP is part of bilateralsurveillance under Article IV of the Fund’s Articles of Agreement for Fund members oftheeuroarea with systemically important financial sectors that have delegatedrelevant financial sector policies to supranational institutions.The previous FSAP wasThis report waspreparedby MarcDobler, Fabiana Melo,Laura Valderrama,and theIMFFSAP teamfor the euro area. 2INTERNATIONAL MONETARY FUNDApprovedByMay KhamisPreparedByThe Euro Area FSAPteam••discussions.••completed in2018.• INTERNATIONAL MONETARY FUND3CONTENTSGlossary_____________________________________