Lagarde: ECB should supervise non-banks to prevent rerun of 2008
Monetary policy would benefit from more holistic prudential approach, president says
Christine Lagarde has said she wants the European Central Bank to broaden its regulatory and supervisory spotlight onto non-banks.
Speaking today (October 3) at the farewell symposium for Klaas Knot, the head of the ECB said one of the key developments during his tenure as president of the Netherlands Bank (DNB) had been the growth of Europe’s non-bank sector “from about 250% of GDP in 2008 to more than 350% today”.
Lagarde pointed out that non-banks – ranging from investment funds and insurance
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