FRANKFURT — Germany’s central bank gave a more pessimistic assessment of the euro zone’s crisis than the European Central Bank on Wednesday, saying the threat to financial stability is as great as it was a year ago and warning of negative side effects from record low official interest rates.

“The risks to the German financial system are no lower in 2012 than they were in 2011,” the Bundesbank said in its annual report on financial stability in the largest European Union country.

The report came a day before highly anticipated official data on growth in the 17 European Union countries that use the euro, which could confirm that the region is in recession. The report also provided another example of how the Bundesbank and Europe’s central bank diverged in their views of the state of the crisis and how best to fight it.

Even as countries like Spain suffer a severe credit squeeze, money has poured into Germany because it is perceived as a haven from European turmoil. That has pushed down borrowing costs for German businesses and consumers, producing some worrying consequences, including a sharp rise in real estate prices in urban areas, the Bundesbank warned.