Abstract:
In this essay, we try to investigate on some implications of the coronavirus for financial stability in Europe and in Italy and to analyse how to mitigate a systemic financial crisis that is spreading. After a brief introduction on the main guidelines inspired by recent literature, we analyse some solutions adopted after the agreements of the European Council: the Pandemic Emergency Purchase Programme (PEPP) and the Pandemic Emergency Longer-Term Refinancing Operations (PELTRO), as well as the strengthening of the European Stability Mechanism (ESM) and more directly supporting tools such as the Support to mitigate Unemployment Risks in an Emergency – SURE and the European Recovery Fund. In conclusion, we reflect on the instruments concerning ethical finance and Socially Responsible Investing, not only to better understanding financial instruments such as Social Bonds, but also to highlight their potential and, why not, some possible critical issues.
