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ECB needs new tools to tackle shadow banking risks - Constâncio
Vice-president says central bank will need a broader arsenal to cope with risks in the shadow banking sector, suggesting the US and UK both have powers that could be useful
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The European Central Bank (ECB) needs to be equipped with new tools to cope with risks originating in the shadow banking sector, Vítor Constâncio, the ECB's vice-president, said on Monday.
The ECB lacks certain instruments that some other central banks – notably the Federal Reserve – have in their toolkits, Constâncio said during a speech at Chatham House.
Constâncio stressed the term ‘shadow bank' should not be seen as pejorative, but instead indicated these institutions conducted operations
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