Banking and capital markets
While the world was saved from financial instability during the pandemic, new developments in the European Union’s financial system are emerging.
Completion of the banking union and integration of the EU’s capital markets remain central to completing the EU’s economic and monetary union. Bruegel’s researchers monitor developments in the financial sector, evaluate public policy responses and make recommendations.
Under the 2025-2026 research programme, Bruegel fellows focus on sustainable finance and the future of investment, the future of the international economic order and structural national reform.
Recently published and updated
Calls for EU financial-rule simplification should not spill over into lower standards
EU banking rules are under pressure for simplification, but reforms should cut complexity without weakening financial safeguards
European Union capital requirements on megabanks: the low road or the high road
EU megabanks are not facing crippling US competitive pressure, making fragmentation, regulatory complexity and crisis response the real priorities
Double materiality doubles the work
Green finance or financing green? Bridging the EU’s sustainable-finance and capital-market architectures
Sustainable finance rules risk becoming costly compliance unless the EU aligns disclosure with market policy and global standards
Size versus allocation in capital market development: evidence from pension funds and insurance companies
EU capital markets stay small as savings sit in deposits, making insurers and pension funds pivotal if portfolios shift into productive assets
Researchers
Ravi Balakrishnan
Bruegel Non-resident Fellow
Jesper Berg
Bruegel Non-resident Fellow
Rebecca Christie
Bruegel Senior Fellow
Hans Geeroms
Bruegel Non-resident Fellow
Annamaria Lusardi
Bruegel Non-resident Fellow
Ivo Maes
Bruegel Non-resident Fellow
Events
Quantifying the benefits of reducing EU banking system fragmentation
Join this event of the Finance Focus series with Nicolas Veron and Damien Capelle
CANCELLED: The European payments initiative and its Wero digital wallet
Unfortunately this event has been cancelled.
Hungary's revived euro adoption prospects
At this event, Júlia Király discussed the prospects and main challenges of Hungary adopting the euro.
Podcasts
Future-proofing and creative destruction
How EU sustainable finance can find a way forward
Understanding money in the EU
How do citizens keep track of their finances and investments, and how can the European Commission help?
Disaster risk in euro-area bond markets
What investment funds tell us about euro-zone fragility
Digital euro: why now and what's next
ECB’s Cipollone and Spain’s Hernández de Cos talk timing and strategic arguments for a new Central Bank Digital Currency