Financial Stability Review
The Financial Stability Review contains the Bundesbank’s analyses and evaluations of the stability of Germany’s financial system. It gives an account of the principal risks arising from the international environment and the risk situation of the German financial system. It also provides detailed analyses of the risk situation both in the German banking sector and also elsewhere in the financial system, such as in the insurance and investment fund sector. Furthermore, some of the Bundesbank’s Financial Stability Reviews contain special chapters dedicated to current financial stability issues. The Deutsche Bundesbank presented its Financial Stability Review as a standalone publication for the first time in November 2005 after publishing the two previous reviews in December 2003 and October 2004 as part of its Monthly Report.
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Financial Stability Review 2023
The macroeconomic environment is being shaped by the interest rate reversal and heightened uncertainty. So far, the German financial system has coped well with the rise in interest rates over the last year, but the effects of this rise have not yet fully materialised. Structural change in the economy is also likely to further increase credit risk.
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Financial Stability Review 2022
The macro-financial environment has deteriorated substantially over the course of 2022. It has been shaped by subdued growth prospects, high inflation as well as rising interest rates and risk premia.
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Financial Stability Review 2021
The German financial system has functioned well during the pandemic; the extensive government measures have shielded the financial sector from losses. This is the conclusion reached by the Bundesbank in its Financial Stability Review 2021.
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Financial Stability Review 2020
1 MB, PDF
In the first half of 2020, the global coronavirus pandemic led to the most severe economic slump in Germany in decades. Governments and central banks around the world have taken extensive measures to stabilise the economy as well as labour and financial markets.
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Financial Stability Review 2019
The German financial system remains vulnerable to adverse economic developments. Future credit risk could be underestimated and the recoverability of loan collateral such as real estate overestimated.
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Financial Stability Review 2018
Times of strong growth and low interest rates have seen vulnerabilities build up in the German financial system. In addition, the probability of an economic downturn has increased.
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Financial Stability Review 2017
Given the upbeat prospects for the economy as a whole, there is little risk to the stability of the German financial system at present. Yet with interest rates sitting at low levels for years now and the economy in such robust shape, there is a danger that market participants might underestimate the risks to financial stability, the Bundesbank cautions.
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Financial Stability Review 2016
Given its public mandate to safeguard monetary stability, the Bundesbank has an inherent interest in ensuring a stable financial system. As an integral part of the European System of Central Banks, it also has an explicit mandate to contribute to financial stability.
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Financial Stability Review 2015
801 KB, PDF
Exceptionally low interest rates remain a salient feature of the financial system setting in Germany. They reflect the global low real economic growth and expansionary monetary policy stance.
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Financial Stability Review 2014
1 MB, PDF
The main topics in this year's edition are risks to the stability of the German banking and financial system in the current low-interest-rate environment, developments in the German real estate market and the importance of the banking union for a stable financial system.