BIS calls for systemic approach to non-banks
“It is essential to reduce the need for emergency central bank support,” says report
The Bank for International Settlements is calling for policy-makers to regulate non-banks at the system-wide level.
Agustín Carstens, BIS general manager, cited the “massive central bank support” undertaken in March 2020 to argue that “fundamental adjustments to the regulatory framework for NBFIs [non-bank financial intermediaries] are called for”.
The Basel-based institution’s quarterly review observed that NBFIs tend to amplify procyclical trends in the financial system. Because many NBFIs –
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