Problems in the global shadow banking system could still rapidly spill over to the German financial system. We do not live on an island. The global shadow banking system should be monitored very closely and be subject to internationally consistent regulation. Only a global approach will truly help to contain contagion effects – including those on German banks and insurers. 6.
Summary of the medium-term risk situation  To sum up with regard to identifying medium-term risks: we are aware that pressure on banks and insurers is rising. The persistently low interest rates are the primary challenge facing insurers. At the same time, a wide variety of measures are being taken to counter falling earnings.