The European Banking Authority, the European Insurance and Occupational Pensions Authority, the European Securities and Markets Authority and the Joint Committee of European Supervisory Authorities (collectedly, the ESAs) have  published a Joint Committee Report on Risks and Vulnerabilities in the European Financial System.  The report discusses the risks associated with (i) the low profitability of financial institutions, (ii) valuation risks around the search for yield and repricing of risk premia, (iii) the interconnectedness of the financial system, and (iv) cyber risks and IT-related operational risks.  If you would like to discuss this report, please contact Jennifer Wood.