The Euro Area Stability Watch was prepared by the ESM Chief Economist department under the general direction of Rolf Strauch, ESM Chief Economist and Management Board Member. Pilar Castrillo, Head of Economic and Market Analysis, led the project. Staff from across the ESM contributed to the analysis, including from the Chief Economist department, the Chief Financial Officer department, and the Secretary General department. The report was approved by the ESM Chief Economist on June 30, 2026.
Chapter 1 was led by Robert Blotevogel, Michael Kuehl, Bernhard Mayr, Jemima Peppel-Srebrny, Andrzej Sowinski, and Konstantinos Theodoridis with contributions from Ashley Andrews, Angela Capolongo, Roberta Cardani, Antoine Cornevin, Thiago Fauvrelle, Giulia Fusi, Carmine Gabriele, Katarina Gumanova, Arndt Kund, Amela Memetaj, Kamila Slawinska, and Vlad Skovorodov. Box 1.1 was prepared by Fabio Comazzi, Martin Iseringhausen, Edmund Moshammer, and Konstantinos Theodoridis. Box 1.2 was prepared by Alexandre Lauwers, Yasin Mimir, and Sinem Toraman. Box 1.3 was prepared by Giulia Fusi and Mattia Picarelli. Box 1.4 was prepared by Alexandre Lauwers and Elias Wolf. Box 1.5 and the ESM Sovereign Sentiment Survey were led by Jemima Peppel-Srebrny with the support of Marius Marsanu, Carlos Martins, Romain Meuwissem, Yerbolat Rakhmetov, Efstathios Sofos, and Andrzej Sowinski. The authors of Chapter 2 are Alexandre Lauwers, Vasiliki Michou, Lorenzo Ricci, and Luca Zavalloni.
The report also benefitted from the review and suggestions by Kai Behrens, Giovanni Callegari, Paolo Fioretti, Olga Francova, Violeta Klyviene, Nicoletta Mascher, and Mathias Skrutkowski, as well as external advisors Aitor Erce, Roberto Pancrazi, and Guntram Wolff.
Production of the report was coordinated by Anelia Marinova, with Giulia Fusi, Lorenzo Ricci, and Jenny Sellin overseeing the preparation process. The design and data visualisation of the report were coordinated by Angela Capolongo and Edmund Moshammer, with input from Fabio Comazzi, Hafsa Channa, Dominika Gustafsson, Thiago Fauvrelle, and Martin Rohar.
Editorial support was provided by Raquel Calero, with additional assistance from James G. Neuger. Communications support was provided by Beatrice Avoscan, Juliana Dahl, Elisa Fasoli, Klea Jaho, Peter Lindmark, Christelle Mckillen, Katharina Potgieter, Anabela Reis, Elisa Rolli, Karol Siskind, and Mariya Todorova, under the direction of Cédric Crelo.
Special thanks are extended to Christoph Rosenberg for his valuable guidance and insights.
