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Is the European Union going to help us overcome the COVID-19 crisis?
Capital Markets Law Journal Pub Date : 2020-05-30 , DOI: 10.1093/cmlj/kmaa010
Danny Busch

The paper discusses the most noteworthy measures taken or yet to be taken by the EU to combat the coronavirus crisis. Basically, the measures fall into four categories: (i) flexible application of EU rules that could hinder member states in their strenuous efforts to save their national economies; (ii) a financial support package put in place by the EU itself, (iii) monetary action by the ECB and (iv) action by European financial regulators, including the ECB (albeit in its capacity of banking regulator rather than monetary authority). This is followed by some comments on the impact of the coronavirus crisis on (i) the intended completion of the European Banking Union, (ii) the plans for a European Capital Markets Union, (iii) Brexit and (iv) the EU climate plans. The paper concludes that it is clear that the crisis has once again laid bare the divisions between north and south in Europe. These divisions are particularly apparent in relation to the issue of financing the European recovery fund and the power struggle that has now flared up between the German Constitutional Court on the one hand and the CJEU and the ECB on the other. Hard times lie ahead for the EU.

中文翻译:

欧盟会帮助我们克服 COVID-19 危机吗?

该文件讨论了欧盟为应对冠状病毒危机而采取或尚未采取的最值得注意的措施。基本上,这些措施分为四类:(i)欧盟规则的灵活适用,可能会阻碍成员国为挽救本国经济而做出的艰苦努力;(ii) 欧盟本身实施的金融支持计划,(iii) 欧洲央行的货币行动,以及 (iv) 包括欧洲央行在内的欧洲金融监管机构的行动(尽管其职能是银行监管机构而非货币当局)。随后是关于冠状病毒危机对 (i) 欧洲银行业联盟的预期完成,(ii) 欧洲资本市场联盟的计划,(iii) 英国退欧和 (iv) 欧盟气候计划的影响的一些评论. 该论文的结论是,很明显,这场危机再次暴露了欧洲南北之间的分歧。这些分歧在欧洲复苏基金的融资问题以及目前在德国宪法法院与欧洲法院和欧洲央行之间爆发的权力斗争中尤为明显。欧盟面临困难时期。
更新日期:2020-05-30
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