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European financial stability and integration review 2020

The annual European Financial Stability and Integration Review examines recent economic and financial developments, and their impact on financial stability and integration in the EU. In addition to a description of general macroeconomic and financial-sector developments, this year’s issue combines different perspectives on the structural change that is taking place in the financial system, focusing on the banking sector in particular. Although the banking sector has continued to repair its balance sheet over the last decade, profitability has remained low, and many banks are seeking to change their business model. The cyclical factors that determined developments in 2019 made this change more challenging. […]