On 16 November 2023, the European Central Bank (ECB) published the welcome remarks by Christine Lagarde, President of the ECB and Chair of the European Systemic Risk Board (ESRB), at the seventh annual conference of the ESRB. The remarks are entitled The ESRB’s first general warning one year on.

Just over 12 months ago, the ESRB issued a ‘general warning’ about financial stability risks, addressed to all EU and Member State supervisory authorities. This was the first such warning in the ESRB’s 13-year history. In the remarks Christine Lagarde takes stock of that general warning by covering two important questions:

  • To what extent have the risks that were described materialised so far?
  • How impactful has the general warning been in increasing the financial system’s resilience?