This means taking into account the considerable importance of shadow banking or market-based financing. The credit intermediation activities of banks are closely regulated and supervised, and are backstopped with deposit insurance and central bank liquidity. In contrast, market-based financing is less regulated and does not have access to public liquidity support.
The meetings underline the cohesiveness of the Eurosystem and serve as a reminder that the system belongs to all euro-area citizens. Intimate cooperation among the members of the Eurosystem team, the national central banks of the system and the ECB, is the key to the success of the single monetary policy of the euro area.