I thank the European Economics and Financial Centre, and especially Professor Hannah Scobie, for the invitation to take part in this event, and Baroness Gloria Hooper for kindly agreeing to chair it.
Thus, effective resolution regimes for Global Systemically Important Insurance corporations need to be developed and implemented. The overall effects of the so-called shadow banking system and its activities on financial stability are ambiguous. Theoretically, non-banking financial institutions that perform banklike activities are associated with diversification and specialization benefits. Therefore, it could be assumed that they contribute to efficiency gains and greater financial system resilience.