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The COVID-19 crisis has extended the likely period of ultra-expansionary monetary policies, while at the same time keeping banks’ net interest margins narrow for an indefinite period of time. Credit default ratios will rise due to the COVID-19 crisis over the medium-term, thus lowering banks’ equity ratios. While dividend moratoriums prescribed by regulators in principle bolster banks’ capital, they make investment in bank equity less attractive and create a gap between the remuneration of bank equity and subordinated capital. The response to the COVID-19 crisis testifies that the post-GFC regulatory reforms were successful in bolstering banks’ capital and in reducing pro-cyclicality. At the same time, there remains room for improvement.

For instance, the combination of bank financing and government credit guarantees worked very well in some countries, while in others it did not run so smoothly.

  • How are various types of banks in different countries affected?
  • What are the sources of differences? How do they respond to the current and forthcoming challenges?
  • What are main challenges on banks’ funding side, versus the revenue side?
  • What effects does the ECB’s tiering system regarding the remuneration of surplus liquidity have?
  • What are emerging patterns across countries and business models, what can various institutions learn from each other?
  • What are implications for access to finance and to financial services more broadly?
  • What are implications for financial stability
  • What are possible implications in the longer term on the structure of the banking industry?
  • How is Europe positioned compared e.g. to the US?
  • What consequences will the COVID-19 crisis have on the consolidation of the European banking sector?

In discussing these questions, the conference takes both a short-term and a medium to long-term perspective.

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