ECB Financial-Stability Warning: Why Near-Zero CISS Is Dangerous

The ECB just issued a financial-stability warning while its systemic stress index (CISS) sits near zero.
This report breaks down what the ECB really sees, how bank–nonbank linkages, dollar funding, stablecoins
and sovereign risk fit together, and why this “calm” looks like the pre-fracture phase of the next global
liquidity cycle.