On May 16, the European Securities and Markets Authority (ESMA) published its second risk dashboard for 2014. The risk dashboard provides a snapshot of risk issues from the period of January 1, 2014 to March 31, 2014. Among other things, ESMA reports that:

• systemic stress indicators rose from a position of relative calm in EU financial markets, mirroring a re-emergence of heightened uncertainty at both global and EU levels;
• liquidity risk remained broadly stable, with signals continuing to be mixed;
• market risk rose as the uncertainties of an uneven recovery, and their implications for likely policy reactions, intensified at both global and EU levels;
• EU contagion risk remained broadly stable, though its nature appeared to shift; and
• credit risk remained high, with the build-up of risks in new areas offsetting continued improvement in others.  Risk Dashboard.