IMF-欧元区政策：金融体系稳定性评估（英）

© 2025 International Monetary Fund IMF Country Report No. 25/203 EURO AREA POLICIES FINANCIAL SYSTEM STABILITY ASSESSMENT This Financial System Stability Assessment on the euro area was prepared by a staff team of the International Monetary Fund. It is based on the information available at the time it was completed in June 2025. Copies of this report are available to the public from International Monetary Fund • Publication Services PO Box 92780 • Washington, D.C. 20090 Telephone: (202) 623-7430 • Fax: (202) 623-7201 E-mail: publications@imf.org Web: http://www.imf.orgInternational Monetary Fund Washington, D.C. July 2025 EURO AREA FINANCIAL SYSTEM STABILITY ASSESSMENT KEY ISSUES Context: The euro area financial system had proven resilient through multiple shocks, supported by significant bank capital and liquidity buffers. While nonbank financial intermediation (NBFI) has expanded rapidly, diversifying the financial landscape, renewed efforts to create deeper and more integrated markets remain hindered by national fragmentation. The sector is currently experiencing heightened volatility. At the outset of the FSAP, inflation was declining, monetary policy easing, and economic recovery was gradually gathering strength. However, geopolitical tensions and trade policy uncertainty have since clouded the outlook, amplifying financial market volatility. Findings: The euro area banking system remains resilient to significant adverse shocks, including a severe geopolitical risk scenario. Risks may arise from a dislocation in sovereign debt markets, losses to counterparties, or liquidity demands including those arising from interlinkages between banks and NBFI. The authorities made significant advancements in the prudential framework since the 2018 FSAP, including strengthening banking supervision and establishing the nascent central Anti-Money Laundering Authority (AMLA). However, fragmentation continues to hinder the full benefits of the banking union and the development of a more diversified, deeper, and integrated financial system that supports economic growth and investment. Policies: Completing the euro area financial architecture remains critical. Gaps in data availability and sharing persist, despite a robust surveillance framework. Legal barriers should be removed, data collection centralized at the European Supervisory Authorities (ESAs), and system-wide stress tests covering the full financial system conducted. The authorities should address deviations from Basel III and further harmonize the bank prudential framework, including macroprudential policies. The resources and prudential powers of the European authorities overseeing the NBFI sector should be strengthened, including by empowering the European Securities and Markets Authority (ESMA) to top-up national measures for significantly leveraged funds and to enforce cross-border reciprocation. The FSAP recommends introducing a common deposit insurance system and more flexibility into the