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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, 17 November 2025
It is my great pleasure to join you once again at the Frankfurt Euro Finance Week, having taken part in every opening session since I joined the ECB. As always at this time of year, we are about to release our Financial Stability Review, so I will focus on our latest assessment of the risks to financial stability in the euro area.
A volatile and uncertain macro-financial outlook
After double-digit inflation figures in 2022 and a succeeding “bumpy road”, inflation is now close to 2% and we expect it to continue converging towards our medium-term target. As in my remarks last November, we remain concerned about low growth, although we have seen an improvement in the overall macroeconomic environment compared with a year ago. Over the past 12 months, however, major shifts in US economic policy and in the multilateral…