ECB'S SCHNABEL WARNED THAT GROWTH IN NON-BANK FINANCE AND RISING PUBLIC DEBT MAY ENDANGER MONETARY CONTROL.

ECB Executive Board member Isabel Schnabel warned that rapid growth in non-bank financial intermediation and rising public debt could undermine the central bank's ability to control monetary conditions. The core transmission concern is that non-bank entities such as money market funds, insurers, and leveraged vehicles can amplify liquidity stress and weaken the reach of policy rate changes, while elevated sovereign debt raises the risk of fiscal dominance, where borrowing needs constrain how aggressively the ECB can tighten. Euro area sovereign bonds, particularly higher-yielding peripheral issuers, are most exposed to any repricing of term premia, while the euro itself and bank equities could react to shifts in expectations about the policy path. Traders should watch the ECB's upcoming Financial Stability Review and the next euro area government bond supply calendar, as either could clarify how the central bank intends to address these vulnerabilities.

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