Your browser does not support JavaScript!

What are the EU’s major financial risks in the current monetary and macro-economic context?

Day 1 Morning

Wednesday 14 April

Track :



Vitor Constâncio
Former Vice President - ECB
Public Authorities
Francesco Mazzaferro
Head of the European Systemic Risk Board Secretariat - European Systemic Risk Board (ESRB)
Rolf Strauch
Chief Economist - European Stability Mechanism (ESM)
Boris Vujčić
Governor - Croatian National Bank
Sam Woods
Deputy Governor - Bank of England
Industry Representatives
Jordi Gual
Professor of Economics, IESE Business School & Former Chairman of CaixaBank - CaixaBank
Xavier Larnaudie-Eiffel
Deputy Chief Executive - CNP Assurances
Erik Nielsen
Chief Economist - Unicredit S.p.a.
Alastair Wilson
Global Head of Sovereign Risk Group - Moody's


The objective of this session is to discuss the major financial risks at the EU level in the wake of the Covid-19 pandemic. The panel will assess the risks posed by the very high levels of public and corporate indebtedness in many Member States, the financial vulnerabilities raised by lasting very low interest rates (search for yield, asset bubbles, pressure on bank and insurance profitability, development of zombie firms…) and the Euro area banks’ financial stability prospects with the expected increase in credit risk in the wake of the pandemic for certain SMEs.

Then, the session will discuss the main priorities of monetary, fiscal and prudential policies to address these risks.

The panel will not cover the risks related to climate change or those of the EU investment funds sector (liquidity issues, interconnectedness…) as these will be addressed on other sessions of the Lisbon seminar.

Points of discussion

  1. What are the main vulnerabilities in the financial sector at the EU level given the Covid -19 pandemic and in the context of lasting very low interest rates, active fiscal policies and the deterioration of credit risk?
  2. How to phase out existing temporary policy measures once the Covid crisis is under control in Europe? What should be the priorities regarding the evolution of monetary, fiscal policies and prudential regulatory policies to appropriately address these risks?