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Covid-19 and Financial Union

In: Research Handbook on Post-Pandemic EU Economic Governance and NGEU Law

Author

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  • Christy Ann Petit

Abstract

This chapter elaborates on the rationale and contours of a European Financial Union. It examines the main measures taken in the banking and financial sectors during the pandemic and discusses the state of play of the Banking Union and Capital Markets Union and the challenges lying ahead to reach a European Financial Union. Banks mitigated the impact of the pandemic through increased lending - which was facilitated by supervisory and regulatory flexibility. Financial markets were relied upon since the start of the pandemic after monetary policy interventions, and in the EU recovery. The chapter argues that is essential to complete the Banking Union and develop the Capital Markets Union at the core of the Financial Union for two main reasons: first, to raise and allocate resources efficiently in the real economy, and second, to enable the green, digital, and social transitions (economic and social policies). In this regard, NGEU measures and related policies boost the Financial Union as an even more compelling and pressing EU policy priority.

Suggested Citation

  • Christy Ann Petit, 2024. "Covid-19 and Financial Union," Chapters, in: Federico Fabbrini & Christy A. Petit (ed.), Research Handbook on Post-Pandemic EU Economic Governance and NGEU Law, chapter 4, pages 43-63, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:23111_4
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    File URL: https://www.elgaronline.com/doi/10.4337/9781035328161.00010
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