Downside risks mainly relate to external environment and the world economy, which has developed somewhat weaker than was foreseen in June.
New types of links between banks and shadow banks may form. To stay on top of things, we will need in-depth analysis, building of risk scenarios and counterfactuals, and out-of-box thinking. Non-bank financial intermediation also has the potential to move quickly between jurisdictions, and the new low-cost business models make this fairly easy.