Not surprisingly, the credit risk of the EU banking system mounted to levels higher than those observed after the collapse of Lehman Brothers (see chart 4). By the same token, the probability of a simultaneous default of two or more large and complex euro area banking groups, as measured by the indicator of systemic risk reported in chart 5, rose sharply on 7 May.
2019, No.1 (2019). 10 World Meteorological Organization: Atlas of Mortality and Economic Losses from Weather and  Climate Extremes 1970–2012 (2015). 11 Ibid. 12 Ibid. 13 International Association of Insurance Supervisors: Issues paper on climate change risks to  the insurance sector (2018). 14 For example, uncertainties, non-linearities and potential cliff effects could prove difficult to  model.