Constâncio suggests new shadow bank powers for Esma

constancio
Vítor Constâncio

European regulators need new powers to tackle shadow banking, but they need not necessarily be wielded by the European Central Bank (ECB), vice-president Vítor Constâncio told an audience in London today (May 8).

Assets in the shadow banking sector have doubled in the past decade, while its rise has "gathered pace" in recent years, raising the urgency with which a regulatory response is needed, Constâncio said at an event organised by the Official Monetary and Financial Institutions Forum.

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