The shadow banking aggregate corresponds to a sector comprising the other financial intermediaries (OFI) sector plus money market funds (MMFs) minus investment funds other than MMFs. The OFI sector comprises all financial institutions other than those included in the monetary financial institutions (MFIs) and the insurance corporations and pension funds.
First, I will present the monetary policy conducted by the ECB in 2013. Second, I will discuss the progress made in the area of financial legislation, most importantly in the context of banking union. Finally, allow me to share my reflections on some upcoming legislative dossiers.