COVID-19 – First Measures Adopted by EU Banking Authorities

March 17, 2020

As reported by the World Health Organization, the epicentre of the Coronavirus Disease 2019 (“CoViD-19”) has shifted to Europe, with Italy and France among the hardest hit to date.

In addition to posing increasing threats to public health systems, CoViD-19 is expected to severely affect a number of economic sectors, which may in turn test financial institutions’ soundness and resilience.

This memorandum is intended to give a brief overview of the initiatives recently announced by the European Central Bank, the European Banking Authority and by French and Italian authorities, aimed at providing relief to financial institutions and notably at ensuring their ability to continue financing the European economy.

We plan to update this memorandum as further measures are adopted and implemented by the EU authorities and by the Member States.