The book
The COVID-19 pandemic is "the crisis" following the financial crisis. Consequently, it is the first crisis with which the Single Supervisory Mechanism, consisting of the ECB and the national competent authorities, has to cope. This mechanism was only established in response to the financial crisis. While it is not yet clear which ramifications the pandemic will have for the financial sector, regulators and in particular supervisors have taken swift measures to enable credit institutions from the prudential perspective to deal with the situation. The measures already adopted lay also the ground for future legislative and supervisory responses to the dynamic development of the pandemic and touch upon general legal issues of the SSM. The book brings together the perspective of the European and national supervisors and the perspective of the supervised entities. In the first two parts the adopted measures at the Union level (e.g. in respect of dividends and IFRS 9) and the national level in France, Germany, Italy and Spain are described. The third and fourth part provide the supervised entities' perspective to these measures and look at upcoming challenges (e.g. recapitalisation and remuneration issues).
Content overview:The measures adopted by the Union legislator ("quick fix") and the ECB in response to the COVID-19 pandemic.The measures adopted in France, Germany, Italy and Spain in response to the COVID-19 pandemicThe perspective of significant and less significant supervised entitiesFuture challenges (consolidation of the banking market and challenges for business models, recapitalisation, remuneration, the conflict between the Bundesverfassungsgericht and the Court)
The editor
Dr. Klaus Lackhoff, the editor, works since more than 20 years in the area of banking supervision, first in an international law firm and now in an EU institution. The authors are practitioners working at the ECB and national banking supervisory authorities or in private practice.

The target group
For attorneys, bank lawyers and academics.