The shadow turnover of the global banking system grew to 67 trillion dollars

One of the main culprits of the global financial crisis, the shadow banking system, has reached a new high of $67 trillion, according to a report by the Financial Stability Board (FSB). The Council's findings confirmed policymakers' fears that the so-called shadow banking system, which includes "non-bank intermediaries," continues to push the global financial system into the risk zone.

The FSB, which includes experts from 20 of the world's leading economies, has called for stricter control of the shadow banking system. At the head of such a system are money market funds, which, in the absence of oversight and control, cluster around traditional banks. The European Commission is expected to propose pan-European rules for the shadow banking system next year.

The turnover of the global shadow banking system more than doubled from 2002 to 2007, reaching the milestone of $62 trillion. In 2011, the size of the shadow financial sector was $67 trillion, more than the total output of all the countries in the study. The FSB stated that the U.S. had the largest shadow banking system in 2011 with $23 trillion in assets. The euro zone is not far behind the Americans with $22 trillion and the United Kingdom with $9 trillion.

In recent years, the U.S. share of the global shadow banking system has declined, while the UK and the euro zone have increased.

The Financial Stability Board advocates stricter control of the shadow sector, but at the same time believes that "non-bank intermediaries" are a more accessible source of much-needed credit for businesses.