European financial authorities need an expanded range of macro-prudential tools, Mario Draghi said, including powers to intervene in the “shadow banking” and insurance sectors.

Much better data was also needed to improve macro-prudential policy, Draghi told the European Systemic Risk Board’s third annual conference in Frankfurt on September 27.

Draghi said the ESRB’s general board had discussed increasing its macro-prudential toolkit to include powers over the insurance sector at its meeting