The main subject of the paper is the issue of granting state aid discussed from the point of view of the most important changes in the European Union competition policy as a result of the global financial crisis. The author makes a review of state aid related to the financial crisis in the European Community. The article includes a detailed description of reasons for the economic interventions which has been designed and taken by the Member States in the form of various schemes, plans and objectives. The directions of the main changes in the structure of state aid granted to the financial institutions in absolute and relative terms are shown. It was essential to notice the significant European Commission’s role ensuring that large support schemes for the financial sector will be implemented in compliance with the state aid rules and do not create undue distortions of competition. The paper contains numerous legal materials, including primary and secondary legislation, as well as European case law. The author also relied on the literature and articles on the notified state aid connected with the financial services sector and banking crisis.
Sizing up the competition: explaining reform of European Union competition policy in the Covid-19 era
