A macroprudential framework for non-banks would need to identify and address the key fragilities and externalities stemming from the non-bank sector, and provide the appropriate tools for authorities to achieve this in an efficient and effective manner. Such a framework should support the beneficial role that non-banks play in financial intermediation and ensure the sustainable development of non-bank financing.
Key financial trends Before exploring some of these issues in a bit more depth, it seems useful to consider some of the longer-run trends that have set the backdrop for much of the work of central banks in international forums dealing with financial efficiency and stability.