The European Systemic Risk Board (ESRB) has published its 14th Annual Report, covering the period between 1 April 2024 and 31 March 2025. The report outlines developments in financial stability across the EU and the ESRB’s activities during the review period.

The European Systemic Risk Board (ESRB) has published a report which provides a compliance assessment of the implementation of the ESRB’s Recommendation of 2 December 2021 on reform of money market funds (ESRB/2021/9) (the Recommendation) by its addressee, the European Commission. The report assesses the Commission’s compliance with the Recommendation or its justifications for non-action up until the end of 2023 and is based on the Commission’s submission to the ESRB Secretariat of a dedicated template. The report states that the Commission is assessed as materially non-compliant.

The European Systemic Risk Board (ESRB) has published an ASC Insight paper, written by Bo Becker and Martin Oehmke proposing the creation of an EU-wide opt-in insolvency framework. The publication identifies current weaknesses in European insolvency frameworks, including low creditor recovery rates for corporate bank loans, which range from 35–50% and difficulties handling complex cross-border cases.

The European Systemic Risk Board (ESRB) has published a report examining developments in the cryptoasset ecosystem, with a focus on stablecoins, cryptoasset investment products and multi-function groups. The report highlights potential financial stability concerns arising from the increasing integration of cryptoassets into the broader financial system, especially through stablecoins jointly issued by EU and non-country entities.

The European Systemic Risk Board (ESRB) has published a report on operational policy tools for cyber resilience. It focuses on tools for gathering, sharing and managing information; co-ordination tools; and emergency and backup systems.

The European Systemic Risk Board (ESRB) has reported that systemic risks in the EU remain elevated, citing stretched valuations in certain asset classes and vulnerabilities in parts of the non-bank financial sector, including opacity, leverage and liquidity mismatches. At its 60th General Board meeting, the ESRB confirmed that EU financial institutions continue to demonstrate resilience, supported by recent EU-wide stress test results, but noted emerging credit risks and concerns over reduced prudential safeguards under recent Solvency II changes. The Board approved the forthcoming publication of two joint ESRB–ECB reports on bank–NBFI linkages and geopolitical risks, and released the 54th issue of its risk dashboard.

The general board of the European Systemic Risk Board (ESRB) held its 55th regular meeting on 26 September 2024, where it noted that although inflation in the EU continued to decline, financial stability risks remain elevated amid heightened geopolitical risks and the still fragile economic recovery in the EU.

The European Systemic Risk Board (ESRB) has published a report detailing a monitoring framework for systemic liquidity risks within the financial system. This framework addresses two primary dimensions of liquidity: funding liquidity, which pertains to the ability of financial institutions to secure funding, and market liquidity, which relates to the capacity of market participants to trade financial assets swiftly and in substantial volumes without causing significant price fluctuations. Additionally, the framework assesses the risks of contagion and amplification, recognising that localised liquidity shortages can escalate into widespread stress across various entities and markets, potentially intensifying through adverse feedback loops. The report introduces three composite indicators designed to identify underlying vulnerabilities that may lead to heightened liquidity stress: one for funding liquidity risks, another for market liquidity risks, and a third for contagion and amplification risks.

The European Systemic Risk Board (ESRB) has published its response to the European Securities and Markets Authority’s (ESMA) consultation on the draft regulatory technical standards (RTS) designed to detail the new clearing thresholds (CTs) under the revised Regulation (EU) 2024/2987 (the European Market Infrastructure Regulation (EMIR 3)). The ESRB endorses the overall approach and the specific calibration of the CTs, noting that the recalibrated thresholds represent a logical evolution from the previous regime while adapting to the objectives of EMIR 3. The ESRB recommends that ESMA reassess the calibration using updated, post-EMIR Refit data to ensure that the thresholds accurately reflect current market conditions. This reassessment will help maintain both the integrity and the intended market coverage under the clearing obligation.

The European Systemic Risk Board (ESRB) has published a speech delivered by the head of the ESRB secretariat, Francesco Mazzaferro, at the Exchange of views of the Committee on Economic and Monetary Affairs of the European Parliament. He addresses the adequacy of the macroprudential framework for non-bank financial institutions (NBFI) in the EU. Mazzaferro highlighted the growing interconnectedness between banks and non-banks, noting that many traditional banking activities are now being performed by non-banks.

The European Systemic Risk Board (ESRB) has submitted a follow-up letter to the Council of the European Union, after its compliance report  which provides a compliance assessment of the implementation of its previous recommendations by the European Commission (the Commission).

Essential Service Water System: The ESWS circulates the water that cools the plant’s heat exchangers and other components before dissipating the heat into the environment. Because this includes cooling the systems that remove decay heat from both the primary system and the spent fuel rod cooling ponds, the ESWS is a safety-critical system. Since the water is frequently drawn from an adjacent river, the sea, or other large body of water, the system can be fouled by seaweed, marine organisms, oil pollution, ice and debris. In locations without a large body of water in which to dissipate the heat, water is recirculated via a cooling tower.