"11  V. Increasing Importance of Non-Banks in the International Financial System Up until now, I have focused on global financial intermediation by banks, but after the global financial crisis, we cannot ignore the increasing importance of non-banks in the international financial system.12 For the next few minutes, let me focus on this development and the effects on and implications for Japan through the looking glass of the FX swap market.
But I would first like to focus on one element of the Greek adjustment programme where I believe the ECB’s advice is of particular relevance – the financial sector strategy. Financial sector reforms are a key element of macroeconomic adjustment programmes, for one simple reason: any sustainable economic recovery needs to be supported by an adequate supply of credit.