Pandemic Crisis and Financial Stability

481 Pages Posted: 22 May 2020

See all articles by Christos Gortsos

Christos Gortsos

National and Kapodistrian University of Athens

Wolf-Georg Ringe

University of Hamburg - Institute of Law & Economics; University of Oxford - Faculty of Law; European Corporate Governance Institute (ECGI)

Danny Busch

Radboud University Nijmegen - Institute for Financial Law (IFR)

Eddy Wymeersch

Ghent University - Financial Law Institute; ECGI

Blanaid J. Clarke

Trinity College Dublin - School of Law

Matthias Lehmann

University of Vienna

Christos Hadjiemmanuil

London School of Economics & Political Science (LSE); University of Piraeus

Marco Lamandini

University of Bologna - Department of Business Law

David Ramos Muñoz

Universidad Carlos III de Madrid

Luis Silva Morais

University of Lisbon - School of Law. Jean Monnet Chair – Economic Regulation in the EU

Filippo Annunziata

Bocconi University - Department of Law; European Banking Institute; Bocconi University - Baffi Carefin Centre

Michele Siri

University of Genoa - Law Department; European Banking Institute; EUSFIL Jean Monnet Center of Excellence on Sustainable Finance and Law

Bart Joosen

European Banking Institute; VU University Amsterdam

Concetta Brescia Morra

University Rome III, Department of Law

Luca Enriques

University of Oxford Faculty of Law; European Corporate Governance Institute (ECGI)

Marco Pagano

University of Naples Federico II - Department of Economics and Statistics; Centre for Studies in Economics and Finance (CSEF); Einaudi Institute for Economics and Finance (EIEF); Research Institute of Industrial Economics (IFN); Centre for Economic Policy Research (CEPR); European Corporate Governance Institute (ECGI)

Antonella Sciarrone Alibrandi

Università Cattolica

Claudio Frigeni

Università Cattolica del Sacro Cuore

Date Written: May 22, 2020

Abstract

Section I: The Broad Picture
1 Is the European Union going to help us overcome the COVID-19 crisis (Danny Busch)
2 COVID-19 and European banks: no time for lawyers (Wolf-Georg Ringe)
3 The COVID-19 crisis and financial regulation (Eddy Wymeersch)
4 Culutral reforms in Irish banks. Walking the walk during the COVID-19 pandemic (Blanaid
Clarke)
5 Mothballing the economy and the effects on banks (Matthias Lehmann)

Section II: Fiscal Response
6 European economic governance and the pandemic: Fiscal crisis management under a flawed
policy process (Christos Hadjiemmanuil)
7 What recovery fund for Europe? For a dedicated equity line for business, and sound fiscal
policy (Marco Lamandini, Guido Ottolenghi & David Ramos Muñoz)
8 The EU fiscal response to the COVID-19 crisis and the Banking sector: risks and opportunities
(Luis Silva Morais)

Section III: Banking Regulation
9 Global pandemic crisis and financial stability (Filippo Annunziata & Michele Siri)
10 Blancing macro- and micro-prudential powers in the SSM during the COVID-19 crisis (Bart P.
M. Joosen)
11 The application of the EU banking resolution framework amidst the pandemic crisis (Christos
V. Gortsos)
12 Lending activity in the time of coronavirus (Concetta Brescia Morra)

Section IV: Capital Markets Regulation
13 Emergency measures for equity trading: the case against short-selling bans and stock
exchange shutdowns (Luca Enriques & Marco Pagano)
14 Restrictions on Shareholder's Distribution in the COVID-19 Crisis: Insights on Corporate
Purpose (Antonella Sciarrone Alibrandi & Claudio Frigeni)

JEL Classification: G18, G21, G38, K20, K22

Suggested Citation

Gortsos, Christos and Ringe, Wolf-Georg and Busch, Danny and Wymeersch, Eddy O. and Clarke, Blanaid J. and Lehmann, Matthias and Hadjiemmanuil, Christos and Lamandini, Marco and Ramos Muñoz, David and Morais, Luis Silva and Annunziata, Filippo and Siri, Michele and Joosen, Bart and Brescia Morra, Concetta and Enriques, Luca and Pagano, Marco and Sciarrone Alibrandi, Antonella and Frigeni, Claudio, Pandemic Crisis and Financial Stability (May 22, 2020). European Banking Institute Working Paper Series Forthcoming, Available at SSRN: https://ssrn.com/abstract=3607930 or http://dx.doi.org/10.2139/ssrn.3607930

Christos Gortsos (Contact Author)

National and Kapodistrian University of Athens ( email )

Akadimias 45
Athens, 10672
Greece

Wolf-Georg Ringe

University of Hamburg - Institute of Law & Economics ( email )

Johnsallee 35
Hamburg, 20148
Germany
+49 40 42838 7787 (Phone)
+49 40 42838 6794 (Fax)

HOME PAGE: http://www.ile-hamburg.de

University of Oxford - Faculty of Law

St Cross Building
St Cross Road
Oxford, OX1 3UL
United Kingdom

HOME PAGE: http://www.law.ox.ac.uk/people/wolf-georg-ringe

European Corporate Governance Institute (ECGI) ( email )

c/o the Royal Academies of Belgium
Rue Ducale 1 Hertogsstraat
1000 Brussels
Belgium

HOME PAGE: http://ecgi.global/users/wolf-georg-ringe

Danny Busch

Radboud University Nijmegen - Institute for Financial Law (IFR) ( email )

Nijmegen
Netherlands

Eddy O. Wymeersch

Ghent University - Financial Law Institute ( email )

Universiteitstraat 4
Gent, B-9000
Belgium
+32 9 264 68 27 (Phone)
+32 9 264 68 55 (Fax)

HOME PAGE: http://www.law.ugent.be/fli

ECGI ( email )

c/o the Royal Academies of Belgium
Rue Ducale 1 Hertogsstraat
1000 Brussels
Belgium

Blanaid J. Clarke

Trinity College Dublin - School of Law ( email )

House 39, New Square
Dublin 2
Ireland
Ph 00353 (0)18961632 (Phone)

Matthias Lehmann

University of Vienna ( email )

Schottenbastei 10-16
Vienna, A-1010
Austria
+431427735122 (Phone)
1010 (Fax)

HOME PAGE: http://https://eur-int-comp-law.univie.ac.at/team/lehmann-matthias/

Christos Hadjiemmanuil

London School of Economics & Political Science (LSE) ( email )

Houghton Street
London WC2A 2AE, WC2A 2AE
United Kingdom

University of Piraeus ( email )

Karaoli and Dimitriou 80
80 KARAOLI & DIMITRIOU STREET
Piraeus, Attiki 18534
Greece

Marco Lamandini

University of Bologna - Department of Business Law ( email )

via San Giacomo, 3
Bologna, Bologna
Italy

HOME PAGE: http://www.diritto.unibo.it

David Ramos Muñoz

Universidad Carlos III de Madrid ( email )

126, Getafe
Madrid, 28903
Spain

HOME PAGE: http://www.uc3m.es

Luis Silva Morais

University of Lisbon - School of Law. Jean Monnet Chair – Economic Regulation in the EU ( email )

Alameda da Universidade, Cidade Universitária
Lisboa, 1649-014
Portugal

Filippo Annunziata

Bocconi University - Department of Law ( email )

Via Roentgen, 1
Milan, Milan 20136
Italy

European Banking Institute ( email )

Frankfurt
Germany

HOME PAGE: http://ebi-europa.eu/bodies-of-ebi/academic-board/

Bocconi University - Baffi Carefin Centre ( email )

Via Roentgen 1
Milan
Italy

Michele Siri

University of Genoa - Law Department ( email )

Genoa
Italy

HOME PAGE: http://unige.it/en/

European Banking Institute ( email )

Frankfurt
Germany

HOME PAGE: http://ebi-europa.eu/members/fellow-academic-members/

EUSFIL Jean Monnet Center of Excellence on Sustainable Finance and Law ( email )

Italy

HOME PAGE: http://www.eusfil.eu

Bart Joosen

European Banking Institute ( email )

Frankfurt
Germany

HOME PAGE: http://www.ebi-edu.eu

VU University Amsterdam ( email )

De Boelelaan 1105
1081 HV Amsterdam
Netherlands

Concetta Brescia Morra

University Rome III, Department of Law ( email )

Via Ostiense, 159
Rome, RM 00145
Italy

Luca Enriques

University of Oxford Faculty of Law ( email )

St Cross Building
St Cross Road
Oxford, OX1 3UL
United Kingdom

European Corporate Governance Institute (ECGI)

c/o the Royal Academies of Belgium
Rue Ducale 1 Hertogsstraat
1000 Brussels
Belgium

HOME PAGE: http://http:/www.ecgi.org

Marco Pagano

University of Naples Federico II - Department of Economics and Statistics ( email )

Via Cintia - Monte S. Angelo
Napoli, 80126
Italy
+39 081 675306 (Phone)
+39 081 7663540 (Fax)

Centre for Studies in Economics and Finance (CSEF) ( email )

Via Cintia
Complesso Monte S. Angelo
Naples, Naples 80126
Italy

Einaudi Institute for Economics and Finance (EIEF)

Via Sallustiana, 62
Rome, 00187
Italy

Research Institute of Industrial Economics (IFN)

Box 55665
Grevgatan 34, 2nd floor
Stockholm, SE-102 15
Sweden

Centre for Economic Policy Research (CEPR)

London
United Kingdom

European Corporate Governance Institute (ECGI)

c/o the Royal Academies of Belgium
Rue Ducale 1 Hertogsstraat
1000 Brussels
Belgium

HOME PAGE: http:/www.ecgi.org

Antonella Sciarrone Alibrandi

Università Cattolica ( email )

Milan, Milan
Italy

Claudio Frigeni

Università Cattolica del Sacro Cuore ( email )

Largo Gemelli 1
Milan, 20123
Italy

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