We should see the financial system for what it is: a service provider for the real economy. And again we have to look beyond the banks. Especially in Europe, companies tend to rely on bank loans as a source of funding.
Here, it would be beneficial to diversify by turning more 4  BIS central bankers’ speeches  to the capital markets as an alternative source of funds. A more diversified funding mix would improve companies’ access to funding in normal times as well as in crisis times.