The global financial crisis of 2007-09 brought to light the existence of a complex web of financial intermediation that over the past few decades has evolved in parallel to the official regulated banking system. The highly complex ways of linking borrowers with agents in the capital markets was dubbed ‘the shadow banking system’, reflecting the opaque and often invisible nodes that connect official banking and its shadow segments. Many accounts attribute the global financial crisis to the spread of shadow banking; several years into the crisis, shadow banking still accounts for about a third of the total banking assets globally. Recent estimations suggest that the European shadow banking is now of similar size to the US one, having grown steadily while the US contracted. In recognition of the systemic importance of the European shadow banking, the European Commission is actively searching for regulatory answers to preserve financial stability.
This two-day conference has brought together academics from various fields of the social sciences, market practitioners and policymakers, in order to advance an understanding of the nature, origins and impacts of shadow banking in the European context.
Links to selected conference materials are currently being made available in the Documents page.