Europejski Urząd Nadzoru Bankowego, Europejski Urząd Nadzoru Giełd i Papierów Wartościowych (European Securities and Markets Authority - ESMA), Europejski Urząd Nadzoru Ubezpieczeń i Pracowniczych Programów Emerytalnych (European Insurance and Occupational Pensions Authority - EIOPA), Sprawozdanie Wspólnego Komitetu w sprawie zagrożeń i słabości systemu finansowego UE (wrzesień 2022)

JC 2022 40

JOINT COMMITTEE REPORT ON RISKS AND VULNERABILITIES IN THE EU FINANCIAL SYSTEM

EXECUTIVE SUMMARY AND POLICY ACTIONS

The recovery associated with the receding pandemic has slowed as a result of the Russian aggression in Ukraine. It has contributed to high inflation and is damaging the economic outlook, which led to increased financial market risks across the board. The economic and financial impact of the invasion has been felt globally, alongside enormous humanitarian consequences. Prices in energy and commodity markets have risen to record highs. Production and logistics costs have risen and household purchasing power has weakened. After a long period characterised by very low inflation and interest rates, policy rates are being raised in response to high inflation. The resulting higher financing costs and lower economic growth may put pressure on the government, and on corporate and household debt refinancing. It will likely also have negative impact on the credit quality of...