Europejski Urząd Nadzoru Giełd i Papierów Wartościowych (European Securities and Markets Authority - ESMA), Raport ESMA na temat tendencji, zagrożeń i słabości (2/2023)

31 August 2023

ESMA50-1389274163-2681

TRV Risk Monitor

ESMA Report on Trends, Risks and Vulnerabilities, No. 2, 2023

Executive summary

Risk summary and outlook: In 1H23, financial markets rebounded on lower energy prices and expectations of a slower pace of monetary tightening. Financial markets are adapting to the new economic environment of durably higher interest rates and inflation, and are highly reactive to adverse events. The collapse of several US regional banks revived concerns over the banking sector and triggered a short episode of volatility. Overall risks to ESMA’s remit remain at high or very high levels. Going forward, markets are set to remain very sensitive, especially to potential deteriorations in economic fundamentals or risks in financial institutions, while keeping a close eye on private and public debt sustainability in the context of higher interest rates. Hence there is a high risk of corrections in a context of fragile market liquidity in the equity, bond and...