{
  "title": "Germany: Financial System Stability Assessment",
  "publication": "IMF Staff Country Reports, July 20, 2022",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2022/07/19/germany-financial-system-stability-assessment-521034",
  "canonical": "https://www.imf.org/en/publications/cr/issues/2022/07/19/germany-financial-system-stability-assessment-521034",
  "overlayPath": "/en/publications/cr/issues/2022/07/19/germany-financial-system-stability-assessment-521034/index.md",
  "summary": "This paper reviews Germany’s Financial System Stability Assessment report. The financial sector has weathered the impact of the pandemic and the war in Ukraine relatively well so far, but risks remain elevated.",
  "sections": [
    {
      "heading": "Summary and key findings",
      "content": "- The financial sector has weathered the impact of the pandemic and the war in Ukraine relatively well so far, but risks remain elevated.\n- The Financial System Assessment Program (FSAP) solvency stress tests show that the significant institutions and less significant institutions are overall resilient to an adverse scenario.\n- Consistent with the authorities’ findings, the FSAP found small vulnerabilities from climate transition risks to the banking system.\n- Good progress had been made in strengthening the microprudential frameworks for banking and insurance since the 2016 FSAP."
    },
    {
      "heading": "Main risks to financial stability",
      "content": "- Global resurgence of coronavirus disease 2019 with extended supply chain disruptions.\n- Scarcity of gas and oil.\n- De-anchoring of inflation expectations in the United States and advanced Europe."
    },
    {
      "heading": "Macroprudential and policy implications",
      "content": "- Macroprudential policy is being tightened.\n- Rising cyclical vulnerabilities will require additional action."
    },
    {
      "heading": "Deposit protection and institutional arrangements",
      "content": "- The system of Deposit Guarantee Schemes/Institutional Protection Schemes needs reform.\n- Reform should be informed by a review of the distortions resulting from depositors’ high level of protection guaranteed under the current regime.\n\nSource: Germany: Financial System Stability Assessment (IMF Staff Country Report).\n\n---\n\n Content in this bundle\n\n- Germany: Financial System Stability Assessment; IMF Country Report No. 22/231; June 27, 2022\n  - Germany: Financial System Stability Assessment; IMF Country Report No. 22/231; June 27, 2022 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Germany: Financial System Stability Assessment; IMF Country Report No. 22/231; June 27, 2022 (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/cr/issues/2022/07/19/germany-financial-system-stability-assessment-521034/index.md)",
    "[Structured JSON version](/en/publications/cr/issues/2022/07/19/germany-financial-system-stability-assessment-521034/index.json)",
    "[Bundle manifest](/en/publications/cr/issues/2022/07/19/germany-financial-system-stability-assessment-521034/bundle-manifest.json)",
    "Published: July 20, 2022",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400216886.002",
    "The financial sector has weathered the impact of the pandemic and the war in Ukraine relatively well so far, but risks remain elevated.",
    "The Financial System Assessment Program (FSAP) solvency stress tests show that the significant institutions and less significant institutions are overall resilient to an adverse scenario.",
    "Consistent with the authorities’ findings, the FSAP found small vulnerabilities from climate transition risks to the banking system.",
    "Good progress had been made in strengthening the microprudential frameworks for banking and insurance since the 2016 FSAP.",
    "Global resurgence of coronavirus disease 2019 with extended supply chain disruptions.",
    "Scarcity of gas and oil.",
    "De-anchoring of inflation expectations in the United States and advanced Europe.",
    "Macroprudential policy is being tightened.",
    "Rising cyclical vulnerabilities will require additional action.",
    "The system of Deposit Guarantee Schemes/Institutional Protection Schemes needs reform.",
    "Reform should be informed by a review of the distortions resulting from depositors’ high level of protection guaranteed under the current regime.",
    "**Germany: Financial System Stability Assessment; IMF Country Report No. 22/231; June 27, 2022**"
  ],
  "related": [
    {
      "title": "Germany: Financial System Stability Assessment; IMF Country Report No. 22/231; June 27, 2022",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/files/publications/cr/2022/english/1deuea2022003.pdf",
      "summary": {
        "path": "/-/media/files/publications/cr/2022/english/1deuea2022003.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/files/publications/cr/2022/english/1deuea2022003.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/cr/issues/2022/07/19/germany-financial-system-stability-assessment-521034/index.md",
    "json": "/en/publications/cr/issues/2022/07/19/germany-financial-system-stability-assessment-521034/index.json",
    "bundleManifest": "/en/publications/cr/issues/2022/07/19/germany-financial-system-stability-assessment-521034/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-12T10:59:06.691Z"
}