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Translated from the German
Many things had already happened in the EU, said Fitschen, referring to CRD IV and regulation of the derivatives rules that minimised the risks of contagion between shadow banking institutions and banks. The recommendations showed clearly, however, that effective regulation of activities in the shadow banking sector would not be possible without more transparency and an adequate statistical basis. In key areas, such as in repurchase agreements or securities lending, therefore, deficits needed to be remedied quickly.
The shadow banking sector was an important component of the international financial markets, he continued. It helped to increase the efficiency of the financial system and thus increased overall economic benefits. The aim of regulation should therefore not be to prevent transactions but to create a regulatory framework that encouraged risk-aware behaviour. With the proposals by the FSB and the EU Commission this could be achieved, said Fitschen, under the prerequisite however that the regulatory recommendations were implemented to a comparable standard globally, especially in the EU and in the US.
Full press release (in German)