Fathom’s Financial Vulnerability Indicator was signalling high risk of a banking crisis in the immediate post-COVID period, with the global median score reaching almost 6%. Last year, there were notable bank failures and policy interventions in the United States and Switzerland. However, the FVI is now consistent with much more muted risks. Last quarter, we looked beyond the metrics that are in the FVI in order to gauge wider credit risks among euro area economies. We found that Luxembourg, Austria…