September 27, 2018 / 1:46 PM / 19 days ago

ECB's Draghi wants more tools for regulating shadow banks

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.

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

“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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