Speech by Luis de Guindos, Vice-President of the ECB, at the Frankfurt Euro Finance Week, organised by the dfv Euro Finance Group

Frankfurt am Main, 18 November 2024

It is my great pleasure to continue the tradition of joining you at the Frankfurt Euro Finance Week. In today’s remarks I will provide you with our latest assessment of the risks to financial stability in the euro area, which we will soon publish in more detail in the ECB’s Financial Stability Review – a publication that celebrates its twentieth anniversary this week. I will then discuss the resilience of euro area banks and non-banks. And finally, with Europe at the crossroads, I will emphasise the importance of strengthening financial integration, completing banking union and moving forward on the capital markets union.

Volatile and uncertain macro-financial outlook

If you look at where we are now compared with a year ago, the balance of macro-risks has shifted from concerns about high inflation to fears over…