摘要：The global financial crisis illustrated how financial stability can be threatened by shocks and vulnerabilities originating not only within the banking sector, but also in less-regulated parts of the financial system. Vulnerabilities can also arise from activities linking various parts of the system that create complex webs of exposures and interdependencies. Hence, lessons from the crisis have reinforced the importance for authorities, both globally and in Canada, to take a system-wide approach to monitoring and assessing potential vulnerabilities within the global financial system, including in the shadow banking sector. This is of particular importance, given that the ongoing regulatory reform that is critical to reduce the risk that financial excesses will undermine the future stability of the financial system will raise the costs faced by banks and constrain their activities to some degree, creating additional incentives for credit-intermediation activities to move to the shadow banking sector.
