2 months ago • 5:25 mins
The European Systemic Risk Board (ESRB) – which was created in 2010 to oversee the financial system of the European Union – is sounding an unprecedented warning, cautioning about the rising risks to financial stability in the eurozone. It sees seven systemic threats to the bloc’s financial stability – three of them severe.
A particularly awful mix of high inflation, tighter financial conditions, and increased geopolitical risk has heightened the probability that Europe will face a recession next year (it’s more than 80%, according to the European Central Bank, or ECB). The issue is: vulnerabilities have been rising for EU corporations and further stress could impair their ability to make payments on th
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