BIS central bankers’ speeches  11  To bring about its expected benefits, the CMU should foster and result in a high level of financial integration in capital markets across the European Union, based on an adequate legal and regulatory framework. This framework should be cast wider in order to cover also less regulated and more opaque activities, such as shadow banking.
And the European Systemic Risk Board is developing the tools it needs to issue warnings and make recommendations for action on potential future sources of systemic risk. Inattention to financial risk was the prime cause of the crisis.