Implications of the Rise in Non-Bank Financial Intermediation

Non-banks financial intermediation has gained importance in the last decades both as a source of financing for the corporate sector and as a means of investment for households. This is having consequences on how policies – in particular monetary policy – are transmitted through the financial sector, affecting their effectiveness and speed. Also, the stability of the financial sector is impacted by the increasing importance of non-banks financial intermediaries that are generally less regulated than banks.

This session is organised by the European Central Bank (ECB).