The Banking Sector and the Non-Bank Financial Intermediation Sector

In terms of the bigger picture, which I always like to emphasize, what we are seeing is rather unprecedented in the post-war period. Against that background, as you said, financial markets have performed quite well on balance. So far, there have been a number of episodes, including the gilt edge, the problem in the United Kingdom. But so far, the issues have been manageable. If you look at the strength of the financial system in general, however, it is useful to make a distinction between the state of the banking sector and the state of non-bank financial intermediation sector.