In my view, therefore, there are three priorities for regulators [slide 6]: monitoring, testing and regulating. Monitoring first, thanks to the compilation of detailed data on shadow banking. The FSB already contributes to this with its annual report on shadow banking, as does the ESRB with its European Union shadow banking monitor. But we need to go further: we need an even more precise picture of the sector as participants and business models can vary considerably from one country to another, and are sometimes extremely complex. It is particularly crucial to put together a mapping of the interconnections within the shadow banking sector and with traditional banks and insurers. The second priority is to be able to test for systemic risks, using appropriate tools. In order to measure the global impact of shocks, we have a particular need for liquidity macro stress-tests that take into account investment funds: the latter are especially vulnerable to runs, in the event of a stock market crash for example, if they are open-ended and have no system of gates. To achieve this, we need to develop, jointly and at a global level, a harmonised framework for systemic stress tests: the FSB already recommended such tools in 2017, but there is a real risk that they will remain in the exploratory phase, and that no action will be taken at the level of the financial system. The third and last priority is to regulate.
Following the finalisation of the Basel III reform in December 2017, the main focus for financial regulation is no longer bank solvency, but non-bank liquidity. We nonetheless need to avoid making two mistakes. The first would be to favour one sector over another, be it banks or shadow banking: the existence of opportunities for regulatory arbitrage could to lead to the transfer of capital-intensive activities to less regulated, or even unregulated entities, which would be counterproductive. The other mistake would be to impose banking regulation on shadow banking, as the risks are not the same; in particular, the same 2/3  BIS central bankers' speeches  capital requirements cannot be applied. At the global level, the non-bank sector needs to be provided with microprudential and macroprudential regulations that are tailored to its particular business model and risks. With regard to macroprudential regulation, France is a pioneer in this field with its decision to introduce, as of 1 July this year, a measure regarding large enterprises that also takes into account their market debt. We shall publish details on how it will work this week. But we need to be honest with ourselves and admit that our experience of using macroprudential tools outside the bank sector is still very limited. One of our priorities in terms of regulation should also be to develop liquidity management tools for investment funds, and to refine the measurement of their leverage, two issues that, fortunately, the FSB has already identified.