War in the Middle East, soaring energy prices and upside risks to inflation are clouding the financial stability outlook for the euro area.

How resilient are banks and markets? Are investors underestimating geopolitical risks? And how exposed is the financial system to stretched asset valuations? In this episode of Euro Matters, Paul Gordon speaks with John Fell about these questions and more.

The views expressed are those of the speakers and not necessarily those of the European Central Bank.

Further reading: Financial Stability review at a glance https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/index.en.html

Financial Stability Review, May 2026 https://www.ecb.europa.eu/press/financial-stability-publications/fsr/html/ecb.fsr202605~50566915a7.en.html

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