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Regulatory reforms and macroprudential measures have improved the risk resilience of the bank-centred EU financial system. Work has also begun on targeting stability risks building up beyond the banking system.

It is important to ensure that payment transfers and card payments also operate when data connections with other countries are down.

The three key trends in payments are fragmentation of the market, payments going real time and the actual act of payment fading into the background.

The Finnish, Swedish, Norwegian and Danish banking sectors are large and concentrated and there are systemic risks relating to lending for the residential and commercial real estate markets.

Growing household debt and the changing structure of the banking system are increasing the vulnerability of the financial system.

Finnish household debt is rapidly increasing also via consumer credit. Loans taken out from these new sources is difficult to monitor.

Households in both Finland and Sweden are carrying a record level of debt relative to their income.

Investors’ optimism on the financial markets can rapidly turn to risk aversion if global economic or political uncertainty increases.

Structural changes in the banking sector may have an impact on risk spillovers between the Nordic countries.

A range of instruments could be deployed to restrain dangerous growth in lending for house purchase and household debt.

So far, the project to build a single market for capital has advanced at a relatively good pace, but now there are some difficult issues ahead.