7  The definition of shadow banking, as adopted by the Financial Stability Board (FSB, 2011) is credit intermediation involving entities and activities outside the regular banking system. BIS central bankers’ speeches  3  While several initiatives have been taken, it is not clear how safe they would make the financial sector.
There are views that the Basel capital standards have become too complex for their own good.8 To quote from Admati and Hellwig (2013):9 Today’s banking system, even with proposed reforms, is as dangerous and fragile as the system that brought us the recent crisis. But this situation could change.