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Is financial stability at risk in these stormy times?
The ECB Podcast
Non-Banks in the Financial Stability Review?
The number of non-banks has grown quite a bit since the global financial crisis, and they have actually been playing a key role in providing credit to the economy. But we did have a number of concerns, and they had mostly to do with what we call the pro-cyclicality of non-bank finance. It's just simply the tendency to amplify trends, both either upturns or downturns,. That the sector moves together with the cycle, but it can make it even more amplified. What we're seeing now looks more like an orderly retreat of non- bank finance. And that would be a source of concern if that were to happen again.
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