3 See de Guindos, L. (2018), “Coming to the forefront: the rising role of the investment fund sector for financial  stability in the euro area”, Speech at Opening Conference, 21st Euro Finance Week, Frankfurt am Main, 12 November. 4 Level 3 assets decreased from € billion to € billion, constituting less than 1% of significant institutions’  total assets.
5 See de Guindos, L. (2018), “Building a resilient Economic and Monetary Union”, Lectio magistralis opening the  XXIX Edition of the Masters Programme in European Union law of the University Carlos III of Madrid, 5 October. 6 See: www.europarl.europa.eu/EPRS/EPRS_STUDY_536353_CoNE_Single_Market_I.pdf  5/5  BIS central bankers' speeches