The impact of the Ukraine crisis in the EU economic and financial union

The war in Ukraine and the resulting security crisis are challenging the EU’s financial landscape and will have long-term consequences for the European economy. The Russian invasion of Ukraine is having a significant impact on EU’s policy agenda and the EU policy responses to this crisis are likely to bring about major transformations in the EU as a polity and in the financial and fiscal spheres, particularly in terms of actors, instruments and rules. This policy brief explores these issues by focusing on two aspects: the macroeconomic consequences and the potential changes in the EU fiscal and financial landscapes.