Martin Kotlář, Pavel Neumann, Patrik Maňas
This article shows how AI can be used to systematically process national financial stability reports and transform them into a coherent European synthesis. Based on a sample of 463 financial stability reports from 28 European countries over 2015–2025, comprising around 35,200 pages in total, it traces the development and changing nature of the main cyclical and structural risks: from an environment of very low interest rates and rising credit and property prices, through the pandemic shock, to the inflation surge, energy crisis and subsequent rapid tightening of monetary conditions. It also shows how macroprudential policy responded to these changes, particularly through capital buffers (the countercyclical capital buffer and the systemic risk buffer) and borrower-based measures (LTV, DTI and DSTI). The result is not only a synthesis of national experiences, but also the identification of broader European patterns and differences in individual countries’ approaches to maintaining financial stability.
Issued: September 2026
Download: Thematic article on financial stability 1/2026 (pdf, 2 MB)