ecb-2025 年欧元区银行市场估值飙升的驱动因素 The drivers of the 2025 surge in euro area banks’ market valuations.pdfVIP

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ecb-2025 年欧元区银行市场估值飙升的驱动因素 The drivers of the 2025 surge in euro area banks’ market valuations.pdf

Thedriversofthe2025surgeineuro

areabanks’marketvaluations

PreparedbyDejanKrušec,RiccardoMeliandCsabaMóré

PublishedaspartoftheFinancialStabilityReview,May2026.

Themarketvaluationsofeuroareabanksrosesharplybetweenthestartof2025

andearly2026toreachlevelslastseenbeforetheglobalfinancialcrisis.

Followingmorethanadecadeofpersistentlydepressedvaluationsandlow

profitability,[1]euroareabanks’price-to-book(P/B)ratioshavebeenonanupward

curvesincelate2022,withthemostsignificantincreaseseenduring2025.Euroarea

ba

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