ESRB欧洲系统风险委员会：2025年系统性流动性风险： 监测框架报告（英文版）

Liquidity can evaporate quickly and trigger system-wide stress. This has been observed in several recent episodes, including the “dash for cash” during the COVID-19 pandemic, the liquidity stress faced by GBP funds following liability-driven investment strategies in September 2022, and the banking stress in the United States and Switzerland in early 2023. In all these instances, liquidity shortages propagated across entities and markets with increasing intensity. In two cases, non-bank financ