The macro-financial environment continues to be challenging in the second half of 2025. Geopolitical and trade policy tensions contributed internationally to the uncertainty surrounding the development of the global economy. 

The Bundesbank published its annual Financial Stability Review on November 6, 2025. In the review the Bundesbank highlights relevant developments, explains vulnerabilities in the German financial system and points out risks to its stability.

The time series for the indicators used to set the CCyB have been updated. The time series are now available for Q2 2025.

The time series for the indicators used to set the CCyB have been updated. The time series are now available for Q1 2025.

The Financial Stability Committee (FSC; Ausschuss für Finanzstabilität) presents its twelfth report to the German Bundestag covering the reporting period from 1 April 2024 to 31 March 2025. The FSC dealt with developments in the risk situation and resilience in the German financial system as well as the appropriateness of the package of macroprudential measures. Among other things, the FSC …

The European Central Bank (ECB) published its semi-annual Financial Stability Review on 21 May 2025. It provides an overview of potential risks to financial stability in the euro area.

The time series for the indicators used to set the CCyB have been updated. The time series are now available for Q4 2024.

The German Financial Stability Committee (FSC) regularly assesses risks in the German financial system and the adequacy of macroprudential measures.

The time series for the indicators used to set the CCyB have been updated. The time series are now available for Q3 2024.

The German financial system remained resilient in the second half of 2024. Macro-financial conditions improved gradually over the course of the year, and existing vulnerabilities declined slowly and in an orderly manner.