It also provides the basis for grasping the distribution of risks at various levels of aggregation, including at the overall macro-level. It will be important to develop a macro-level understanding of where risks are concentrated in the financial system as well as the possible interlinkages among market participants. 3.
In the Governing Council’s assessment, the risks to this economic outlook are still slightly tilted to the downside, with uncertainty prevailing. On the one hand, global trade may continue to grow more rapidly than expected, thereby supporting euro area exports. On the other hand, some concerns remain relating to the re-emergence of tensions in financial markets.