European Central Bank Vice President Luis de Guindos has emphasized the risks posed by energy supply shocks to economic growth in the ECB's latest Financial Stability Review. Speaking on Bloomberg TV, de Guindos stressed the need for the ECB to prioritize these risks in its assessments of financial system resilience. The November 2025 review highlights geoeconomic fragmentation and energy market uncertainty as key concerns, warning of potential impacts from renewed supply disruptions. While euro area banks reported a return on equity of around 10% in the first half of 2025, the review identifies vulnerabilities in non-bank financial intermediaries, such as asset managers and insurance companies, due to liquidity mismatches and leverage. Although the review does not specifically mention digital assets, it notes that tokens are part of broader speculative risk markets. This focus on non-bank risks could signal future regulatory actions affecting the crypto sector, which relies on entities outside traditional banking regulation.