The ECB's official stress indices, straight from the ECB Data Portal. The CISS measures financial-system stress for the euro area and, country-by-country, for the US, UK, China, Germany, France, Italy and Spain — cross-correlation weighted so it spikes only when stress is broad. The SovCISS applies the same method to government bond markets across the euro area; the dispersion of SovCISS between member states is a direct read on fragmentation risk. Levels shown as percentile of ~11y of history.