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Shadow banking in Europe
Thursday 30 November 2017, 9h00-10h30, 75007 Paris 

Chaired by Christophe Destais, Deputy-Director of the CEPII



  • Richard Portes, Professor of Economics at London Business School, Founder and Honorary President of the Centre for Economic Policy Research (CEPR), Director of Studies at the Ecole des Hautes Etudes en Sciences Sociales in Paris

  • Anne-Laure Delatte, Deputy-Director of the CEPII ; Research Fellow, CNRS ; Member of the Center for Economic and Policy Research (CEPR)




Shadow banks are non-bank financial entities that take the same type of risk as banks (maturity transformation) without having access to refinancing from the central bank. They are not subject to the same prudential requirements and controls as banks. Although they were identified as an important factor of systemic risk during the financial crisis of 2008-2009, the regulatory reforms that followed did not have a lasting impact on their development. Shadow banks can therefore always become a source of systemic risk, both directly and through their interconnections with the banking system.


Prof. Richard Portes who chairs the Advisory Scientific Committee of the European Systemic Risks Board (ESRB) will share with us his views on shadow banks and the risks resulting from their interconnections with EU banks.

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