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The Covid-19 epidemic has significantly increased systemic risks to financial stability, with a huge shock to the economy and financial system. The anticipated economic contraction and labor market downturn have led to a sharp increase in systemic risks. The assessment of systemic risks and the resilience of the financial sector indicates high risk levels and declining resilience, with increasing uncertainties due to the unpredictable duration of the crisis. Measures taken by governments and central banks to alleviate the economic consequences of the epidemic will contribute to maintaining financial system stability, including allowing loan repayment deferrals, promoting lending, and providing incentives to hardest-hit sectors. Despite a good starting position, government intervention will be crucial to keeping firms alive and ensuring household income, and further measures may be necessary if the economic decline is longer-lasting and larger.