Leverage is "evolving" at the global level and, though it has decreased in the banking system, is now growing in other areas of the economy, according to Bank for International Settlements general manager Jaime Caruana.

Speaking at a conference in London on November 26, Caruana pointed to the growth in financial activity outside the regulatory perimeter – i.e. in the shadow banking sector – that he fears "could give rise to maturity and liquidity mismatches".

Among his concerns is the steady