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Archive » September 2021 » Systemic risk: lessons learned comparing global financial crisis, European debt crisis, and Covid-19 crisis

Systemic risk: lessons learned comparing global financial crisis, European debt crisis, and Covid-19 crisis

Vincenzo D’Apice, Francesco Masala
September 2021 - n. 9
Keywords: Rischio sistemico, crisi, pandemia Covid-19
Jel codes: G21, G28, G32, I10

This article analyses systemic risk in the euro area during the three most significant shocks of the last 20 years: global financial crisis; European sovereign crisis; pandemic crisis. The analysis shows that the tools used by national and international authorities to contain the real impact of the pandemic crisis have allowed a significantly smaller increase in systemic stress than the global financial crisis and the European sovereign crisis.

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