In addition, the past appreciation of the euro, which is reflected in current subdued price pressures at the producer level, will continue to lower import prices and be passed on to consumer prices over time. At the same time, developments in inflation expectations need to be monitored closely.
BIS central bankers’ speeches  3  According to the latest FSB Global Shadow Banking Monitoring Report, non-bank financial intermediation grew by USD 5 trillion in 2013 to reach USD 75 trillion. The growing shadow banking sector is something regulators have to watch closely.