I would also add that, in real terms, the oil price is at a relatively low level and far lower today than it was in the late 1970s. Moreover the reliance of many economies on oil has declined. In other words, the oil price trend has to be viewed in perspective.
The Financial Stability Review first explains the structures in Germany, distinguishing between shadow banking entities and shadow banking activities. The largest entities by far in the German shadow banking system are open-end mutual funds. Three-quarters of the total is attributable to specialised funds for institutional investors. By contrast, money market funds and hedge funds play only a minor role.