While Brexit and trade disputes dominate financial headlines, European Union off...
BRUSSELS - While Brexit and trade disputes dominate financial headlines, European Union officials are warning about another risk faced by the bloc and the global economy: the growing importance of new, little-regulated systemic financial actors.
EU officials warn the swelling of their books has not coincided with a proportionate tightening of their oversight, however, meaning the potential risks they pose to financial stability are growing. Those dangers are further spelled out in a document by the European Systemic Risk Board , the body dedicated to protecting the EU’s financial stability which is chaired by European Central Bank President Mario Draghi.
The main reasons for concern over the shadow banking sector are its increasing size and complexity, the high leverage of some funds, lack of risk monitoring and poor transparency. After the last financial crisis a decade ago, banks in Europe were forced to contribute to a new rescue fund and raise fresh buffers that would be used in case they fail, under the oversight of a new body, the Single Resolution Board , created with the task of disposing of failing lenders.
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