ESRBAssessing shadow bankingnon-bank financial intermediation in Europe No 10/ July 2016 4 Similarly, in a second step the FSB states: "authorities should narrow the focus for policy purposes to the subset of nonbank credit intermediation where there are (i) developments that increase systemic risk (in particular maturity/liquidity transformation, imperfect credit risk transfer and leverage), and (ii) indications of regulatory arbitrage that is undermining the benefits of financial regulation." (FSB, 2011b) ESRB Assessing shadow bankingnon-bank financial intermediation in Europe No 10/ July 2016 9 See the BCBS consultative document on the identification and measurement of step-in risk (BCBS, 2015), which raises issues of identification of unconsolidated entities to which a bank may provide financial support. The BCBS document proposes potential approaches to reflect step-in risk in prudential measures. See also, for example, Cetorelli ( 2014) and Claessens and Ratnovski (2014). ESRB Assessing shadow bankingnon-bank financial intermediation in Europe No 10/ July 2016 12 See, for example, FSB (2011b), p. 4.13These metrics overlap to some extent with those suggested by the FSB in its Workstream 3 on other shadow banking entities, as well as with those mentioned in the FSB"s global shadow banking monitoring reports. In line with this FSB approach, the ESRB also takes into account credit intermediation and the interconnectedness with the banking system. However, whereas the interconnectedness is included in a separate section in the FSB reports, the ESRB decided to classify it as an additional indicator category. ESRBAssessing shadow bankingnon-bank financial intermediation in Europe No 10/ July 2016 14 Academic concerns about the interactions between funding and market liquidity (see, for example, Brunnermeier and Pedersen, 2009) were emphasised more recently by the Bank of England (see, for example, Box 4 in the Bank of England"s December 2014 Financial Stability Report). 15 Pozsar (2014) calls for "Flow of Collateral, Flow of Risk, Flow of Eurodollar satellite accounts to supplement the Financial Accounts". 16 In order to assess risks in the investment fund and market-making sectors, the ESRB conducted a data collection exercise covering 274 EU asset management firms and 1,668 fixed-income investment funds in 2015.17Regulation (EU) 2015/2365 of the European Parliament and of the Council of 25 November 2015 on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012. ESRB Assessing shadow bankingnon-bank financial intermediation in Europe No 10/ July 2016 ESRB Assessing shadow bankingnon-bank financial intermediation in Europe No 10/ July 2016 Entity-based mapping of shadow banking in Europe 9 ESRB Assessing shadow bankingnon-bank financial intermediation in Europe No

European Households’ Financing Tables The European System of Accounts (ESA 95) created an homogeneous accounting framework and harmonised concepts for analysing households’ saving behavior in Europe. For the most publicised indicators, comparable data is thus presently available in most of the EU countries. Against this background, households’ financing tables present the equilibrium between households’ resources and uses. They provide with a global view on the degree of convergence of the rates of saving, credit, financial and non-financial investment in European countries. On the side of resources, the credit rate appears to be the main source of variability of accumulation rates across countries. As far as uses are concerned, financial investment rates explain most of the changes in households' accumulation rates. JEL classifications : E20, M41

The European System of Accounts (ESA 95) created an homogeneous accounting framework and harmonised concepts for analysing households’ saving behavior in Europe. For the most publicised indicators, comparable data is thus presently available in most of the EU countries. Against this background, households’ financing tables present the equilibrium between households’ resources and uses. They provide with a global view on the degree of convergence of the rates of saving, credit, financial and non-financial investment in European countries. On the side of resources, the credit rate appears to be the main source of variability of accumulation rates across countries. As far as uses are concerned, financial investment rates explain most of the changes in household’ accumulation rates. JEL classifications : E20, M41

Par opposition au crédit bancaire, les marchés permettent, en principe, l’allocation désintermédiée de l’épargne à l’investissement. Les politiques d’après-crise – Union des marchés de capitaux (CMU), réforme de la titrisation, politiques monétaires expansives, etc. – favorisent les financements de marché, notamment de dettes, tout en interrogeant sur l’allocation optimale du financement et la résilience du système financier. Pour autant, le clivage entre banques et marchés – vus comme « non-banques » – est réducteur. Une vision globale sur les différentes sources de financement (y compris par actions) ainsi qu’une prise en compte précise des réseaux d’interconnexion et de chaînes d’intermédiation entre banques et non-banques sont nécessaires pour accroître l’efficience dudit système et améliorer la gestion des risques.