Keynote speech by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the Italian constitutional court

Keynote speech by Pedro Machado, Member of the Supervisory Board of the ECB, at the 2025 Harvard Law School/PIFS Europe – US Symposium

Keynote speech by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the Naturalis Biodiversity Center

Keynote speech by Sharon Donnery, Member of the Supervisory Board of the ECB, at the Handelsblatt Jahrestagung Bankenaufsicht

Speech by Claudia Buch, Chair of the Supervisory Board of the ECB, The Brookings Institution

Interview with Patrick Montagner, conducted by Revue Banque on 7 May 2025

Interview with Kilvar Kessler, Chair of Finantsinspektsioon and Member of the Supervisory Board of the ECB, Supervision Newsletter

Interview with Claudia Buch, Chair of the Supervisory Board of the ECB, conducted by Nicholas Comfort and Laura Noonan on 9 April 2025

Interview with Anneli Tuominen, Member of the Supervisory Board of the ECB, for the Eurofi Magazine

Article by Patrick Montagner, Member of the Supervisory Board of the ECB, for Eurofi Magazine

Private capital markets are growing fast – and so are their links to banks. As complexity and leverage build up outside the regulatory perimeter, risk management of banks, transparency, and regulatory frameworks need to keep pace.

As the normalisation of the Eurosystem balance sheet progresses, the aggregate amount of central bank liquidity available to banks in the euro area will fall over the coming years. This blog explains the role played by the Eurosystem’s refinancing operations within the operational framework for monetary policy implementation. The ECB, both as a monetary policy authority and as a supervisor, expects that banks should consider these operations as an integral part of their day-to-day liquidity management.

Maintaining adequate levels of capital allows banks to provide stable financial services to the real economy and absorb losses in difficult times. This is why European law sets minimum capital requirements that all banks must meet. But banks also face risks that are not covered by these Pillar 1 requirements. This blog post explains how the ECB addresses these risks through its Pillar 2 requirements, and how we are changing our approach to ensure that banks remain safe and sound in an evolving risk landscape.

Stress tests are of crucial importance to assess banks’ resilience under adverse economic conditions. In previous stress tests, however, some banks submitted overly optimistic projections. Despite thorough quality assurance by supervisors, this behaviour makes it more likely that the risks some banks face are underestimated. To address this, we are now taking a closer look at insufficiently prudent projection submissions. In line with our supervisory focus on banks’ risk data aggregation and reporting capabilities, we are also looking more closely at poor data quality issues in stress tests.

Digitalisation is leading to efficiency gains for banks and improved services for their customers, but it is also bringing threats to operational resilience in the financial sector into sharper focus. The EU has developed a new regulation to keep these digital threats in check, that applies as of today. This blog post discusses how the new regulation makes the financial sector more resilient and outlines the implications for banks and their supervisors.