Financial stability is, in short, about the ability of the financial system to perform its functions for the real economy – even in times of stress and structural change.
1 Current assessment of financial stability  To analyse financial stability issues, the Bundesbank focuses on vulnerabilities in the financial system, risks that could expose these vulnerabilities, and resilience in the financial system with regard to shocks. The Bundesbank’s most recent Financial Stability Review, which was published in November 2022, has the following key messages:[2] First, the macro-financial environment has deteriorated.