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ASR in FT Unhedged: The debt markets see no evil

Beth McCann

14th JUN. 2023

Rob Armstrong noted in his 5 June column: "…even for US investors, the ECB’s financial stability report, and in particular the section on shadow bank risks, is worth reading."

In discussion with the FT, Ian Harnett observed that…

“essentially all the growth in financial asset holdings since the crisis has happened outside of the banking system. Non-banks now hold well over half of Euro area financial assets. This makes the ECB report ‘uneasy reading’.”

Armstrong concludes: “The next European financial mess is unlikely to start at a bank.” 

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