It particularly highlighted commercial real estate risks as well as risks due to high levels of government debt, the energy crisis, and tightening financial conditions. The ESRB therefore called on all actors in the European financial system to prepare for adverse scenarios, and to preserve and further enhance resilience in the financial sector.
The ESRB also called for close coordination between relevant authorities and prudent risk management practices across all financial sectors. German authorities already responded to increased cyclical risks in January 2022. The Federal Financial Supervisory Authority ( BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht)) decided on a package of macroprudential measures aimed at preserving and enhancing the resilience of the German banking system.