Europe’s financial system structures transformed by EU policies, Brexit, and COVID-19

The European financial system is widely viewed as inefficient, fragmented, and overly bank-centric. Its structures are affected by developments that include the recent exit from a decade of turmoil in the euro area, EU policy initiatives such as unfinished banking union and barely started capital markets union, technological disruptions, the yearning for a role of finance in the transition to a greener growth model, Brexit, and the COVID-19 shock and its aftermath. This session will provide an opportunity to take stock.

Joining this episode of Financial Statements were:

Host:

Nicolas Véron, Senior Fellow, Peterson Institute for International Economics (PIIE)

Guests:

• Thomas Wieser, chairman of the EU high-level forum that produced the report "A New Vision for Europe's Capital Markets" (June 2020)

• Simeon Djankov, PIIE Senior Fellow and director of the Financial Markets Group at the London School of Economics and Political Science