ECB's Financial Stability Review, June 2005

The European Central Bank published its June 2005 Financial Stability Review on 31 May. In the report the ECB said the outlook for financial stability is more mixed than six months ago.

In presenting the Financial Stability Review, Tommaso Padoa-Schioppa said the pace of global economic activity has remained "quite strong", the balance sheets of large corporations have improved further and balance sheets of financial institutions have been strengthened.

"But risks have not declined. They may even

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