This paper first reviews the developments in the size and composition of the European banking sectors’ balance sheets since the Global Financial Crisis and then assesses the impact of foreign currency loan conversion programs on systemic risk. Aggregate data from 2009Q1 to 2019Q3 indicate three major developments. First, the deleveraging process in Europe has been sizeable, while credit growth may be hampered in several countries. Secondly, macroprudential measures and conversion programs have only partially achieved their goal of lowering financial dollarization in Central and Eastern Europe. Lastly, systemic risk remains elevated in the non-euro area.

中文翻译：

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欧洲的去杠杆化和外币贷款转换计划

本文首先回顾了自全球金融危机以来欧洲银行业资产负债表的规模和构成的发展，然后评估了外币贷款转换计划对系统性风险的影响。2009 年第一季度至 2019 年第三季度的汇总数据显示了三个主要发展。首先，欧洲的去杠杆化进程相当大，而几个国家的信贷增长可能会受到阻碍。其次，宏观审慎措施和转换计划仅部分实现了降低中欧和东欧金融美元化的目标。最后，非欧元区的系统性风险仍然很高。