We gratefully acknowledge the input of employees from the Bundesbank’s Directorate General Financial Stability, who produced this Financial Stability Review as a joint effort. The Review also benefited from useful and valuable comments by staff members from other Directorates General throughout the Bank.

The following people from the Directorate General Financial Stability made notable contributions to this Financial Stability Review:

Felix Thierfelder (project manager), Frank Heid, Katharina Knoll, Marcel Madjarac, Esteban Prieto (authors), Christian Glebe, Anke Kablau (editorial team)

Rainer Beckmann, Fabian Bichlmeier, Thomas Droll, Robert Düll, Tina Engler, Tobias Etzel, Alexander Falter, Till Förstemann, Sören Friedrich, Bernadette Galster, Paul Grau, Christian Groß, Lucas Hafemann, Stefan Hasenclever, Marc André Hennig, Tobias Herbst, Maurice Hofmann, Melanie Hollenberg, Oliver Hoßfeld, Mevlud Islami, Philip Jamaldeen, Maximilian Knoblich, Benedikt Kolb, Jens Lindemann, Norbert Metiu, Axel Möhlmann, Frieder Mokinski, Jana Ohls, Jens Orben, Simon Paetzold, Niko Plennis, Stephanie Prinz, Michael Richter, Wolfgang Rippin, Christoph Roling, Markus Roth, Andreas Röthig, Annegret Schäfer, Willy Scherrieble, Michael Schmidt, Benedikt Schwemmlein, Atilim Seymen, Patrick Sigel, Ingrid Stein, Moritz Stieglitz, Valentin Stockerl, Lena Strobel, Birgit Uhlenbrock, Edgar Vogel, Matthias Weiß, Hannes Wilke, Lui-Hsian Wong

Language Services Division of the Deutsche Bundesbank, Graphics Service of the Deutsche Bundesbank, editorial team of the Directorate General Economics, and Lukas Arns, Marcus John, Line Ladner, Laura Sauer, Felicitas Schellin, Kathleen Zeppin, Carmen Zins-Hoese from the Directorate General Financial Stability