On 3 February 2025, the European Systemic Risk Board published a report ‘Systemic liquidity risk: a monitoring framework’.

The report contains a specific operational definition of systemic liquidity risk and its essential dimensions. It then discusses which entities and markets are key and should therefore be systematically monitored for emerging liquidity risks. Based on the selection of entities and markets, it presents two composite indicators that capture the main dimensions of systemic liquidity risks (funding liquidity risks and market liquidity risks) and an accompanying indicator measuring the risk of contagion and amplification.