The Dutch Authority for the Financial Markets has published an update from the Financial Stability Committee’s 12 November 2025 meeting, concluding that risks to financial stability remain high and that operational and digital resilience requires ongoing attention. The committee also highlighted the need for European initiatives to address concentration risks stemming from digital dependencies and discussed the European Systemic Risk Board recommendation on multi-issuance stablecoins. The committee assessed the Dutch economy as broadly stable, with inflation and growth slightly above the euro area average and inflation expected to move toward the European average as wage growth eases. It noted that the economic impact of trade tariffs has been limited so far, although further effects may still materialise. Despite the absence of market turmoil, underlying risks were described as rising due to high valuations and equity market concentration, while sovereign debt sustainability remains a concern given expansive fiscal policy and higher defence spending needs. Within this context, Dutch financial institutions were assessed as having strong buffers, with scenario analysis and exercises highlighted as important to keep system resilience at least at its current level. On operational and digital resilience, the committee pointed to growing reliance on a small, often non-European, set of cloud providers and IT suppliers as a source of concentration and systemic risk that is difficult to resolve quickly, and it agreed to return to the topic in a future meeting. It also agreed to revisit stablecoins, with further discussion planned on the opportunities and risks of multi-issuance structures; the next committee meeting is scheduled for 20 March 2026.

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