ECB President Lagarde: Banks' operations are intertwined with these entities and are increasingly closely linked to new entrants such as fintech platforms. The line between “banks” and “non-bank financial institutions” is blurred, and the old conceptual distinction is no longer guiding.

ECB President Lagarde: Banks' operations are intertwined with these entities and are increasingly closely linked to new entrants such as fintech platforms. The line between “banks” and “non-bank financial institutions” is blurred, and the old conceptual distinction is no longer guiding.