El pasado....

*       Banking system stress has eased further as banking union preparations have gathered pace and banks have strengthened balance sheets

*       Growing search for yield has benefited euro area banks and sovereigns, but could also unearth imbalances should risks be reassessed

Y el futuro, en términos de potenciales riesgos....

*       Abrupt reversal of the global search for yield, amid pockets of illiquidity and likely asset price misalignments. As the potential for disorderly adjustment in financial markets remains, financial institutions need to have sufficient buffers and/or hedges to withstand

*       Continuing weak bank profitability and balance sheet stress in a low inflation and low growth environment. Continued action is needed to mitigate lingering scepticism regarding euro area bank balance sheets.

*       Re-emergence of sovereign debt sustainability concerns, stemming from insufficient common backstops, stalling policy reforms, and a prolonged period of low nominal growth. Despite the continued improvement in sentiment towards euro area sovereigns, public debt sustainability challenges persist and complacency or reform fatigue must therefore be avoided

Una cuestión: ¿hasta qué punto los bancos centrales se han convertido en una potencial fuente de inestabilidad? El futuro, futuro es.

José Luis Martínez Campuzano
Estratega de Citi en España