News in Systemic Risk: Wednesday, July 19, 2023 (10:00 a.m. ET) July 19, 2023 Working Paper: Unobserved components model(s): output gaps and financial cycles (Justine Guillochon and Julien Le Roux; ECB) The EBA publishes final guidance on the overall recovery capacity in recovery planning (European Banking Authority) ESMA Proposes Revised Technical Standards on Anti-Procyclicality Margin Measures (ESMA) Building future-proof cyber security in the financial system (Central Banking)