Nor did the situation in the financial system or in financial market regulation look any better. The crisis still has the euro area in its grip, although first signs are becoming apparent of an improvement in some member states. The younger generation was, and still is, the hardest hit – on two accounts.
And that is in no way a fair description of the shadow banking system. Still, there’s no denying that we have too little data on the shadow banking system, which means that we don’t have quite as clear a picture of it as we do of other parts of the financial system.