Conclusion Substantial reforms to the regulation and supervision of banks since the global financial crisis have resulted in a more resilient banking system. While banks remain at the core of the financial system, market-based finance has continued to grow in importance, both in Europe and at a global level. This evolution of the financial system can entail significant benefits for the broader economy.
But for those benefits to be realised fully, markets need to be resilient to stresses. Further steps need to be taken to strengthen the resilience of segments of the non-bank financial system, including by developing a macroprudential lens in the regulation of non-banks.