On 1 April 2025, the European Central Bank (ECB) published issue 28 of its Macroprudential Bulletin. In this issue the ECB explores the link between geopolitical risk and bank solvency. It finds that geopolitical risk weakens bank solvency, with major geopolitical shocks having the strongest impact. Macroprudential policy and microprudential supervision are key to helping banks stay resilient and absorb such shocks.