Remarks by Secretary of the Treasury Janet L. Yellen Ahead of Roundtable with CEOs of German Banks in Frankfurt, Germany

As Prepared for DeliveryThank you for joining me here this morning.We see that the global economy is resilient. It has outperformed expectations amid a challenging geopolitical landscape, and global financial conditions have eased since last year’s banking sector turmoil.However, while the risks are broadly balanced, there remains uncertainty, including due to geopolitical tensions. We also remain vigilant to potential vulnerabilities, including elevated levels of corporate debt, leverage and liquidity mismatches in the non-bank sector, and strains in commercial real estate markets.Mitigating risks to financial stability in both the bank and non-bank sectors remains a priority of U.S. engagement abroad.And hearing from financial institutions around the world helps us deepen our understanding of the economic and financial landscape you operate in and helps inform our actions.Today, I would like to hear from you on the risks you and your clients are facing—from spillovers from Russia’s war on Ukraine, to