Читать книгу EIB Investment Report 2020/2021 - Группа авторов - Страница 22

Compared to the global financial crisis, the COVID-19 crisis took hold against the backdrop of already ultra-accommodative monetary policies and apparently smaller and very limited fiscal space. However, major steps had been taken to increase the resilience of Europe and its institutions: the creation of the European Systemic Risk Board and the three European Supervisory Authorities,[5] the setup of the Single Supervisory Mechanism and other building-blocks of the banking union, and the establishment of the European Stability Mechanism. Contrary to what might have been expected prior to the crisis, policy support unfolded massively and swiftly. As the eradication of the virus and the return to normal take longer than previously thought, this support may be recalibrated to ensure it can continue while minimising its side-effects.