Implementing them will therefore require co-ordination and the ECB will play an active role to facilitate this in the euro area. 3. Importance of the growing market-based credit system and measures to address its risks  With the more regulated banking system, the risks that regulation is circumvented by shifting activity to the unregulated sector are increasing.
* * * It is a pleasure to take part in this conference: the financial statistics produced by the European System of Central Banks (ESCB) provide the data platform that is necessary for informed policy making by central bankers.