Le shadow banking en Europe : Première analyse de la BCE
En avril dernier, la Banque Centrale Européenne annonçait son intention de mieux cerner le shadow banking et les risques liés. Dans cette logique, la BCE publie maintenant un papier occasionnel présentant la taille et la structure du shadow banking dans la zone Euro. BKW899587XWX
This paper also addresses the interconnection between the regulated and the non-bank-regulated segments of the financial sector. Over the recent past, this interconnection has increased, likely resulting in a higher risk of contagion across sectors and countries. Euro area banks now rely more on funding from the financial sector than in the past, in particular from other financial intermediaries (OFIs), which cover shadow banking entities, including securitisation vehicles. This source of funding is mainly shortterm and therefore more susceptible to runs and to the drying-up of liquidity. This finding confirms that macro-prudential authorities and supervisors should carefully monitor the growing interlinkages between the regulated banking sector and the shadow banking system. However, an in-depth assessment of the activities of shadow banking and of the interconnection with the regulated banking system would require further improvements in the availability of data and other sources of information.
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