Recently, as these developments have subsided, global financial markets seem to be regaining calmness. As for the outlook, overseas economies are expected to continue growing firmly. As trade activity in the manufacturing sector has stayed firm globally, advanced and emerging economies are expected to grow in a well-balanced manner.
A key priority for the ECB and the European System of Central Banks is to enhance its transparency and to develop a statistical system able to quantify its size, composition and risk exposure. A main challenge in measuring the role of shadow banking is to define a perimeter for the activities it performs.