Starting with the identification of potential sources of systemic risk, our analysis focuses on two broad types of indicators: The first set of indicators characterise the current state of financial stress in the financial system, i.e. indicators that works as “thermometers” of the level of tension in the financial system.
As crises tend to exhibit many different manifestations, it is obvious that no single metric can gauge the current level of systemic stress. In practice, we cross-check and report on a variety of complementary indicators. Let me mention a few examples.