Monika Andrzejczak, Sonia Woźniak


The analysis of the European countries’ payments balance suggests, that it is possible to identify different paths of the financialization process: for Central and Eastern Europe, for the Eurozone countries, and broken down into centre and peripheral countries. The different courses of the financialization process in individual countries raises the question of the existence of stages of this process and the role of structure of the national financial system, and its links with the stages of the financialization process.

The main objective of the study is to identify the stages of financialization process in Europe, its effects and changes in this area caused by the Covid-19 pandemic. The partial goal is to define the relationship between the successive stages of financialization and the structure of the national financial system. The study is based on an analysis of secondary data obtained from Eurostat, statistical offices, central banks IMF, BIS, WB, OECD.


financialization, financial system, European Union, Covid-19 pandemic

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Print ISSN: 1643-8175, Online ISSN: 2451-0955, DOI prefix: 10.19197, Principal Contact: