This cluster of papers explores the evolution, integration, and regulation of global financial systems, with a focus on the European Union, small and medium enterprises, market dynamics, risk management, and economic growth. It delves into topics such as banking supervision, market classification of risk, financial market integration, and the impact of exogenous factors like the COVID-19 pandemic on business value. The cluster also addresses issues related to corporate governance, investment strategies, and the role of financial institutions in emerging markets.