On 16 December 2014, EIOPA published its financial stability report for the second half of 2014. The first part of the report deals with key risks and vulnerabilities identified for the (re)insurance and occupational pension fund sectors. These continue to include (a) a weak macro-economic environment, (b) credit risk and (c) the continuation of the low-yield environment. The second part focuses on measurement of financial institution interconnectedness, which is regarded as a key component of systemic risk supervision.