6 7/8  BIS central bankers' speeches  6 See ECB (2016), “Trends in the external financing structure of euro area non-financial corporations”, Economic  Bulletin, Issue 5. 7 There is mounting evidence, however, that large banking systems are associated with more systemic risk and  lower economic growth, in particular as countries grow richer.
See Langfield, S. and Pagano, M. (2016), “Bank bias in Europe: Effects on systemic risk and growth”, Economic Policy, Vol. 31, No 85, pp. 51–106; and Demirgüç-Kunt, A., Feyen, E. and Levine, R. (2013), “The evolving importance of banks and securities markets”, World Bank Economic Review, Vol. 27, No 3, pp. 476–490. 8 See Invest Europe (2019), 2018 European Private Equity Activity.