6  “Shaping the New Financial System”,The International Monetary Fund (IMF) Staff Position Note (SPN) SPN/10/15. BIS central bankers’ speeches  3  also far from straightforward. It was felt that in order to see “both the forest and trees” 7 effectively; there is a need to have a wide range of measures and tools covering different aspects of systemic risks.
I will also briefly discuss some policy proposals concerning repo markets that have been raised in the international debate. I. The relevance of shadow banking for European financial stability  The activities of shadow banking before the crises were widely mentioned as triggers or factors contributing to the financial crisis.