Report On Financial Structures
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Financial Structures Report
The ECB Report on Financial Structures (RFS) in the euro area reviews the main structural features of and developments in the broader euro area financial sector. Like the ECB Banking Structures Report (BSR), which was published until 2014 and can be seen as a predecessor of the RFS, the RFS has a clear structural focus, thereby serving as a complement to the biannual ECB Financial Stability Review (FSR) which focuses more on cyclical factors. The RFS has a much wider scope than the BSR, covering not only the banking sector, but also other financial intermediaries, in particular insurance corporations and pension funds (ICPFs) as well as non-bank and non-insurance financial intermediaries, often labelled the "shadow banking" sector. Parts of the non-bank financial sector have grown substantially over the past decade and sometimes perform bank-like functions. This calls for a more holistic approach to the structure of the euro area financial sector going forward.