Euro area; data up to 2014; see ECB Working Group on Global Value Chains (2019), “The impact of  global value chains on the euro area economy”, Occasional Paper Series, No 221, ECB, Frankfurt am Main. 4.
The third approach is to regulate shadow banking activities themselves, such as money markets and exchange-traded funds (ETFs), through disclosure obligations or restrictions on certain financial transactions and instruments. This will require dynamic monitoring of the financial system and coordination across authorities.