Jose Manuel Campa, Chairman of the European Banking Authority (EBA), warned in the German Handelsblatt newspaper, "the risks in the financial system remain very high."

Additional takeaways

“Rising interest rates continued to weigh on financial markets.”

“The European Union regulator was monitoring unrealized losses in banks' balance sheets closely.”

Market reaction

EUR/USD Is unfazed by the EBA’s warning, as it holds 0.17% higher on the day at around 1.0815, as of writing.