(and a commensurate increase in non-bank banking). These structural shifts (between institutions) are coincident with …

of the less regulated, so-called shadow banking sector. Employing flow-of-funds data for the Euro Area's non-bank banking … increase in non-bank banking). Overall intermediation activity, hence, has remained roughly at the same level. Moreover, our … with this observation, balance-sheet based risk measures indicate a rise in sector-specific risks in the non-bank banking …

financial supervision for the CMU. Therefore, the European Banking Union should cover all European Union members' systemic …