ECB's Financial Stability Report: Euro-area financial stability environment has become more challenging

Here are some of the key points from the European Central Bank's (ECB) financial stability report, published this Thursday:

   •  Downside risks to global growth outlook are more pronounced and Euro-area financial stability environment has become more challenging.
   •  A turnaround in US growth outlook, EM stress, big market swings on politics could trigger a disorderly rise in risk premia.
   •  A number of market indicators appear to signal downside risks to macro-financial cycle in the US.