The SAFE Policy Center and the Centre for Economic Policy Research (CEPR), within the Research Policy Network (RPN) European Financial Architecture, organized, on 5 June 2023, 03:00 - 04:00 PM (CEST),  a web seminar on:

Presentation of the ECB May 2023 Financial Stability Review 


Paul Hiebert, Head of Division Systemic Risk and Financial Institutions
Benjamin Jens Klaus, Principal Financial Stability Expert
Benedikt Kagerer, Financial Stability Trainee
Emanuele Franceschi, Financial Stability Analyst

Moderator of the Q&A 

Jan Pieter Krahnen, Leibniz Institute for Financial Research SAFE, CEPR and RPN Leader

The May 2023 issue of the ECB Financial Stability Review (FSR) will be published on 31 May 2023. Since the previous issue of the FSR euro area financial stability conditions have deteriorated against a background of rising inflation, higher rates and weaker growth prospects. Driven by soaring energy and food prices inflationary pressures have continued to rise both globally and in the euro area. This has prompted a normalisation of monetary policy stances by major central banks, contributing to tighter global financial conditions and increased financial market volatility. This presentation focused on two topical analysis that feature in the May 2023 FSR. The first examines how interactions in market and funding liquidity can amplify stress in the financial system. The second investigates the channels through which stress in non-bank financial institutions could propagate to euro area banks. 

The policy web seminar is a part of the SAFE-CEPR joint seminar series aiming at fostering debates on policy-relevant issues.


Jan-Pieter Krahnen

Professor of Finance emeritus Goethe University Frankfurt; Founding Director emeritus Leibniz Institute For Financial Research (SAFE)


Paul Hiebert

Head, Systemic Risk and Financial Institutions Division European Central Bank

Benjamin Klaus

Financial Stability Expert in the Financial Stability Surveillance Division European Central Bank

Emanuele Franceschi

Financial Stability Analyst European Central Bank; (Temporary) Lecturer and Research Fellow Pantheon-Sorbonne University