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Embracing sustainable economic growth - Philip von Brockdorff
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ECB Annual Report 2020
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Valentina Milano, Pietro Reichlin
The COVID-19 crisis represents a unique litmus test for the European Monetary Union’s (EMU) risk-sharing capacities in allowing us to assess whether the institutional progress made since the global crisis and the subsequent euro area sovereign debt crisis has borne any fruit.
Despite the progress in recent years, the European banking and capital markets unions are still incomplete. The decentralized nature of European fiscal policies has historically been an impediment to increasing and more resilient financial integration and stability in the EMU (Bénasse-Quéré et al. 2018, Constâncio 2018 and Berger et al. 2018). Enhancing the EMU’s private and public risk-sharing capacities has therefore been a central element of the policy debate on the euro-area reform (Pisani-Ferry and Zettelmeyer 2019).
By Lewis McLellan
11 Dec 2020
The SSA market faced unprecedented challenges in 2020. Funding requirements were inflated by unexpected needs from the pandemic, and the market was busier than ever thanks, in no small part, to the EU’s entrance as one of the sector’s biggest borrowers. But with the exception of a difficult period in March, SSA issuers made it through the year with scarcely a hiccup in their programmes. It’s an encouraging sign, but new challenges await next year.
Some leading lights in the SSA community discuss the year they’ve had and the changes it has brought for them, as well as for capital markets more broadly.