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ECB's Draghi wants more tools for regulating shadow banks

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ECB's Draghi wants more tools for regulating shadow banks
FILE PHOTO: European Central Bank President Mario Draghi speaks during a news conference at ECB headquarters in Frankfurt, Germany, Sept. 13, 2018. REUTERS/Kai Pfaffenbach/File Photo   -   Copyright  Kai Pfaffenbach(Reuters)
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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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