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Elena Banu
International & European Relations
- Division
EU Institutions & Fora
- Current Position
-
Economist
- Fields of interest
-
Financial Economics,International Economics
- Education
- 2011-2013
MA in International Financial Risk Management, Bucharest University of Economic Studies
- 2008-2011
BA in International Business and Economics, Bucharest University of Economic Studies
- Professional experience
- 2020-2024
Supervisor, Directorate On-site and Internal Models Inspections , European Central Bank
- 2019-2020
Financial Stability Expert, Directorate Macroprudential Policy and Financial Stability, European Central Bank
- 2018-2019
Financial Stability Expert, European Systemic Risk Board Secretariat, European Central Bank
- 2013-2018
Economist, Financial Stability Department, National Bank of Romania
- 7 May 2026
- FINANCIAL INTEGRATION AND STRUCTURE BOXFinancial Integration and Structure in the Euro Area 2026Details
- Abstract
- This box provides empirical evidence regarding a set of interrelated structural blockages that hinder European capital markets from supporting innovation and long-term growth. EU households save a significant share of their income yet disproportionately allocate assets to bank deposits or foreign equities, particularly in the United States, thus limiting domestic investment in high-tech sectors. Fragmentation in EU capital markets, driven by regulatory, tax and infrastructure disparities, exacerbates these issues. The efficient implementation of the policy measures proposed as part of the SIU strategy should advance the development and integration of capital markets.
- JEL Code
- E21, E22, F36, G11, G51 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Consumption, Saving, Wealth
- 7 May 2026
- FINANCIAL INTEGRATION AND STRUCTURE BOXFinancial Integration and Structure in the Euro Area 2026Details
- Abstract
- The box looks at VC fund investors, showing that the limited involvement of institutional investors with large financing firepower is one factor that constrains VC funds when financing scale‑ups in Europe. The analysis also shows that the European Investment Fund (EIF) plays a key role, which could be leveraged to crowd-in private investors. Finally, the VC fund landscape is mapped against the existing regulatory framework to inform the upcoming review of the framework. This will make it possible to better address the needs of EU VC fund managers and, in turn, potentially expand the availability of VC investment opportunities for investors. Overall, the investor landscape for VC funds affects the broader innovation financing ecosystem in Europe, which would benefit from policies addressing fragmentation within the Single Market.
- JEL Code
- O16 : Economic Development, Technological Change, and Growth→Economic Development→Financial Markets, Saving and Capital Investment, Corporate Finance and Governance
F36 : International Economics→International Finance→Financial Aspects of Economic Integration
G1 : Financial Economics→General Financial Markets
G23 : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors
G24 : Financial Economics→Financial Institutions and Services→Investment Banking, Venture Capital, Brokerage, Ratings and Ratings Agencies
- 7 May 2026
- FINANCIAL INTEGRATION AND STRUCTURE BOXFinancial Integration and Structure in the Euro Area 2026Details
- Abstract
- The box explores how taxation policies can affect savers’ investment decisions, given the objective of the savings and investments union (SIU) to increase retail participation in capital markets. The first part looks into tax processes in the case of cross-border investment, which remain a key barrier preventing the integration of capital markets across the EU. The second part looks into savings and investment accounts, which are one way to promote the development of capital markets and increase corresponding retail participation. However, there are several factors that can foster the success of dedicated savings and investment accounts, with taxation policies being only one of them.
- JEL Code
- O16 : Economic Development, Technological Change, and Growth→Economic Development→Financial Markets, Saving and Capital Investment, Corporate Finance and Governance
G51 : Financial Economics
H24 : Public Economics→Taxation, Subsidies, and Revenue→Personal Income and Other Nonbusiness Taxes and Subsidies
- 13 April 2026
- MACROPRUDENTIAL BULLETIN - ARTICLE - No. 33Details
- Abstract
- This article describes the current landscape of tokenised assets, illustrating the potential benefits across the entire asset value chain – from issuance to distribution and sales. As the Eurosystem is working towards enabling the settlement of distributed ledger technology (DLT) transactions using central bank money with a pilot by the end of the third quarter of 2026, we examine key enablers and barriers to unlocking the benefits of tokenisation for a digital capital market in Europe while safeguarding financial stability. These include the need for on-chain secondary market liquidity to enable scaling, as well as adaptations and harmonisation of the regulatory framework. Based on these findings, this article highlights how tokenisation, if it scales more widely, could contribute to the savings and investments union (SIU) agenda in two major ways. First, it offers an opportunity to create a European digital asset ecosystem from the early stages, in contrast to the fragmented market for traditional financial instruments, which developed from national markets. Second, it has the potential to improve market liquidity and efficiency, which can ultimately increase the scalability and development of capital markets in Europe. In turn, this could facilitate a more efficient allocation of capital within the economy. Lastly, developing a DLT ecosystem relying on European governance and based on assets denominated in euro is essential to maintaining monetary sovereignty and strategic autonomy. Finally, this article discusses the role of public authorities – including central banks, in providing the conditions for innovation to develop in a safe and resilient manner.
- JEL Code
- F36 : International Economics→International Finance→Financial Aspects of Economic Integration
G10 : Financial Economics→General Financial Markets→General
G18 : Financial Economics→General Financial Markets→Government Policy and Regulation
O33 : Economic Development, Technological Change, and Growth→Technological Change, Research and Development, Intellectual Property Rights→Technological Change: Choices and Consequences, Diffusion Processes
- 27 June 2025
- THE ECB BLOGDetails
- JEL Code
- G15 : Financial Economics→General Financial Markets→International Financial Markets