Monitor financial market stress in the United States and euro area with the ECB New CISS systemic stress indicator and dated historical charts.
THE COMPARISON
United States and Europe
Each value carries its own observation date. Europe means the euro area unless stated otherwise. All charts share the same five-year window; shorter source histories are marked. Click a chart to inspect dated values.
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Systemic Stress (New CISS)
The same New CISS variant for both regions. Higher means more observed stress.
The Composite Indicator of Systemic Stress summarises stress across several parts of the financial system rather than looking at a single share index. The ECB’s methodology combines market-based stress measures for financial intermediaries, money markets, equities, bonds and foreign exchange. It accounts for correlations: simultaneous stress across markets is more systemic than an isolated disturbance.
The dashboard uses the daily New CISS variant for both the United States and the euro area. Values are expressed on a scale from zero to one. A higher reading indicates more measured financial stress relative to the indicator’s historical calibration. It is not a probability of recession, bank failure or a stock-market crash.
The original weekly CISS and the daily New CISS are not spliced together. Market-based indicators can react rapidly once conditions deteriorate, but may miss vulnerabilities building during apparently calm periods. Revisions and methodological changes also matter. Read this measure alongside valuations, employment and financing conditions, not as a stand-alone alarm.
What does the CISS index measure?
The ECB New CISS combines observed financial stress across market segments on a scale from zero to one. It describes current systemic stress rather than a guaranteed future crash. With one-decimal display, a low value can round to 0.0 without being exactly zero.