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In 2024, despite global challenges like AI advancements, elections, geopolitical instability, climate events, and cyber threats, EIOPA focused on safeguarding the public interest in the European financial system. They successfully executed their work program, emphasizing sustainable insurance/pensions, digital transformation, consistent supervision, high-quality advice, and financial stability. EIOPA also initiated regulatory simplification, stressing prudence to maintain a robust framework, and will collaborate with the European Commission to enhance the Savings and Investment Union. Their ongoing commitment is to ensure a robust, resilient, and well-regulated industry for all stakeholders.

Europe faces a transformative era with political shifts, aging populations, climate crises, and technological disruptions. The 2024 elections highlighted polarization, while war and trade tensions expose vulnerabilities. Insurance Europe emphasizes insurance’s role as a stabilizing force, urging smarter, proportionate regulations. Their strategic reset aligns with EU priorities, focusing on savings, natural disaster protection, AI, and insurance’s societal value to boost competitiveness and resilience.

In 2024, the Joint Committee remained key in analyzing cross-sectoral financial risks, publishing joint risk reports in spring and autumn. The spring report warned of elevated risks from weak growth, uncertain rates, and geopolitical tensions, with concerns over rising credit risk and potential market corrections. The autumn report emphasized ongoing economic uncertainty, market volatility, and the effects of high interest rates. It highlighted inflation risks, operational and cyber threats, and included a detailed focus on credit risk, urging financial institutions to maintain strong risk management, provisioning, and adaptability in facing evolving challenges.

This study analyzes tone consistency in bank risk disclosures from regulatory Pillar 3 reports and annual IFRS reports. Findings indicate that optimistic P3 tones enhance annual report informativeness, while pessimistic tones can obscure it.