The regulatory and supervisory response to the COVID-19 crisis

Artículo de revista ; The impact of COVID-19 represents an unprecedented international challenge and the most severe test of the resilience of the banking industry – and of the financial system as a whole – since the global financial crisis of 2008. The rapid and resolute response of international and European Union institutions and fora with financial regulatory and supervisory responsibilities has been aimed to coordinate the actions taken at national level and, thus, to help safeguard the orderly functioning and stability of the financial system, as well as the uninterrupted financing of the real economy. This response has spanned different areas, including microprudential, accounting and macroprudential policies. This article provides an overview of the standards, guidelines and measures promoted since March 2020 by different authorities. The wide-ranging regulatory and supervisory reaction to COVID-19 is emerging as a distinctive feature of the management of this crisis, which, far from over, has led to an environment of heightened uncertainty and risks for the financial system which warrants further monitoring and a continued policy response.