What is so special about European Shadow banking?

The 2007 financial crisis revealed the existence of a completely parallel funding system outside of […]

Policy Study


The 2007 financial crisis revealed the existence of a completely parallel funding system outside of regular banking, the so-called shadow banking system (SBS). Researchers have focused on the American SBS, but the European SBS has received little attention. Yet different features specific to continental Europe make it difficult to just copy and apply the analysis of the US SBS to a reality that is different on the old continent. In this paper we argue that the European SBS is not merely a by-product of the American SBS but rather has unique roots that have led to a distinct type of SBS. In particular, the European SBS occurs partly within the banks themselves. Indeed, the European SBS exists within the framework of a different variety of capitalism than that of the US. Finally the US and European SBS are strongly interconnected, playing a major role in the spread of the crisis.

Read the study

Find all related publications

Sustainable Digital Market Design: A data-based approach to the circular economy

Markets must be designed properly to serve the common good. This is particularly evident in […]

Talking Green in Europe

Lessons on re-framing the public debate on the climate crisis

Just Transition & Revitalisation – A New EU Strategy for Rural Areas

How can EU actions support the revitalisation of rural areas? How can EU institutions put […]

Voting during pandemics: making democracy resilient in turbulent times

Although many volumes have already discussed several COVID-related socio-economic phenomena, relatively less attention has been […]
Find all related news

Ahead of this week’s European Council, progressive MEPs and MPs urge EU leaders to take resolute actions toward the Western Balkans

On 17 and 18 June, the ‘Friends of the Western Balkans’, the newly established network […]

First meeting of the Friends of the Western Balkans

How do we get out of the dead end in the enlargement process?

FEPS launches a new website!

After months of work, FEPS’s new website is now online!  This new website offers a […]

FEPS holds the 2022 General Assembly

This week, FEPS held the 2022 General Assembly (GA), the yearly meeting gathering all members […]
Find all related in the media
In the media

Leaders Must Choose a Just Energy Transition and a Social Europe

by Euractiv 30/05/2022

The circular economy and green jobs

by ENCOMPASS 25/05/2022

Da Prodi a Rodrigues, domani al via la ’Terza conferenza sul futuro dell’Europa’

by La Nazione 25/05/2022

Visioni e strategie per disegnare il futuro europeo 

by La Nazione 23/05/2022