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The European Systemic Risk Board in "Crisis Mode"



Authors / Editors

Portes R


Publication Year



In response to the Covid-19 crisis and while both monetary and fiscal authorities were taking direct and unprecedented measures to curb the adverse consequences of this pandemic shock on the real economy, the European Systemic Risk Board (ESRB), i.e. the European Union macroprudential authority that is responsible for financial stability, swung into action. In particular, the ESRB identified five priority areas: (i) the implications for the financial system of guarantee schemes and other fiscal measures to protect the real economy, (ii) market illiquidity and implications for asset managers and insurers, (iii) impact of procyclical downgrades of bonds on markets and entities across the financial system, (iv) system-wide restraints on dividend payments, share buybacks and other payouts and, (v) liquidity risks arising from margin calls. For each of the topics studied, this article sets out the main risks that were identified by the ESRB as well as the different policy recommendations and further steps that, according to the European Union macroprudential authority, should be taken.

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