Anumberoffinancial stability risks lurk inthesectorswithalarger shareofnon-bank financial intermediaries, which in recent years have grown to the point of holding around half of global financial assets. These intermediaries often have features that can cause them to amplify market tensions, for instance a structural mismatch between the duration or liquidity of assets and liabilities.
Moreover, the ECB cooperates at the technical level with central banks or law enforcement authorities in key countries outside the euro area where euro banknotes are circulating. In addition, bilateral cooperation agreements on combating euro counterfeiting have recently been concluded with the Bulgarian National Bank and the National Bank of Ukraine. I am now ready to answer your questions. BIS Review 52/2004  3