Page 36 - 期货和衍生品行业监管动态（2022年9月）

期货和衍生品行业监管动态

3．金融机构和监管者应密切监测通货膨胀风险造成的影响；

4．监管机构应继续监测散户投资者面临的风险，特别是对于消费者可能没
有充分意识到其风险程度的产品，如加密资产；

5．金融机构和监管者应继续认真管理环境风险和网络风险，以应对信息安

全和经营持续性可能面临的威胁。

12. ESAs Warn of Rising Risks Amid a Deteriorating Economic Outlook

(2022/9/12)

The three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs)

issued today their Autumn 2022 joint risk report. The report highlights that the

deteriorating economic outlook, high inflation and rising energy prices have increased

vulnerabilities across the financial sectors. The ESAs advise national supervisors,

financial institutions and market participants to prepare for challenges ahead.

The post-pandemic economic recovery in Europe has dwindled as a result of the

Russian invasion of Ukraine. Russia’s war on Ukraine and the disruptions in trade

caused a rapid deterioration of the economic outlook. It adds to pre-existing

inflationary pressures by strongly raising energy- and commodity prices, exacerbates

imbalances in supply and demand, and weakens the purchasing power of households.

The risk of persistent inflation and stagflation has risen.

These factors, coupled with the deteriorated economic outlook, have

significantly impacted the risk environment of the financial sector. Financial market

volatility has increased across the board given high uncertainties. After a long period

of low interest rates, central banks are tightening monetary policy. The combination

of higher financing costs and lower economic output may put pressure on government,

corporate and household debt refinancing while also negatively impacting the credit

quality of financial institutions’ loan portfolios. The reduction of real returns through
higher inflation could lead investors to higher risk-taking at a time when rate rises are

setting in motion a far-reaching rebalancing of portfolios.

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