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The fact that investors are replacing banks as the most important providers risks a severe correction in the future

Like generals fighting the last war, markets and regulators have taken steps to strengthen the banking system since the financial crisis. 

The problem is that in any future credit downturn, the hand brakes that banks can apply will have less impact than ever before. 

This will increase volatility and intensify any developing financial crisis.

Satyajit Das Bloomberg 26 July 2019

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