The EU shadow banking system has grown significantly in recent years. This reinforces the need to develop a framework to monitor risks in this part of the financial sector. Such a risk monitoring framework is a key part of a broader macroprudential strategy. This session discussed potential financial stability risks and key elements which should be considered when monitoring risks and vulnerabilities in the shadow banking system. Chair: Richard Portes, Professor, London Business School. Speakers: Rustom Irani, Professor, University of Illinois Sujit Kapadia, Head of Division, European Central Bank Catherine Lubochinsky, Professor, University Paris 2