Non-final working translation 

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 from other Directorates General throughout the Bank.

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

Sebastian Breuer, Frank Heid, Marcel Heires, Anke Kablau, Katharina Knoll, Marcel Madjarac, Theresa Pobuda, Esteban Prieto

Rainer Beckmann, Thomas Droll, Robert Düll, Sercan Eraslan, Tobias Etzel, Till Förstemann, Christoph Fricke, Bernadette Glunz, Paul Grau, Lucas Hafemann, Tobias Herbst, Nikolay Hristov, Christoph Kimmel, Matthias Köhler, Dominik Menno, Philipp Niklas, Manuel Pelzer, Michael Richter, Fabian Rose, Christoph Roling, Atilim Seymen, Alexander Sökeland, Ingrid Stein, Moritz Stieglitz, Luzie Thiel, Birgit Uhlenbrock, Christoph von Busekist, Hannes Wilke, Lui-Hsian Wong

Corporate Design, Graphics Service and Language Services of the Deutsche Bundesbank, editorial team of the Directorate General Economics, and Kristin Binner, Marcus John, Laura Sauer, Joshua Siepe and Elisa Unger from the Directorate General Financial Stability.