On 14 May 2014, EIOPA published its financial stability report for the first half of 2014. The main risks and vulnerabilities identified by EIOPA in the report include (a) a vulnerable macro-economic climate, (b) the low yield environment and (c) credit risks arising from exposure to sovereigns and financial institutions. While the report notes gradual economic growth for both life and non-life insurers, it also projects low growth in gross written premium in the short term.