These instruments are 2  BIS central bankers’ speeches  currently primarily geared at the banking sector. However, to be able to influence financing conditions beyond the banking sector we may need to introduce new instruments. 15. Another possible consequence is that risks may shift to the shadow banking sector.
A sector that is currently less transparent and less regulated than the traditional banking sector. It is yet unclear what could be the financial stability implications if such a development were to occur. In any case, it would warrant enhanced monitoring of developments in the sector. One could even argue that a more formalized supervisory framework should be put in place.