ECB's Draghi wants more tools for regulating shadow banks
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European Central Bank (ECB) President Mario Draghi testifies before the European Parliament's Economic and Monetary Affairs Committee in Brussels, Belgium September 24, 2018. REUTERS/Francois Lenoir
FRANKFURT (Reuters) - Financial policymakers need more tools and data to regulate investment funds and other so-called "shadow banks" after a boom in the industry, European Central Bank President Mario Draghi said on Thursday.
"The growth in importance of the non-bank financial sector requires commensurate additions to the policy toolkit," Mario Draghi told an event at the ECB.
"Policymakers also need access to – and the ability to process and understand – high-quality data to underpin their decisions."
(Reporting by Francesco Canepa and Balazs Koranyi; Editing by Hugh Lawson)
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