We're sorry. An error has occurred
Please cancel or retry.
Bank Disintermediation: Causes and Consequences
Some error occured while loading the Quick View. Please close the Quick View and try reloading the page.
Couldn't load pickup availability
-
16 March 2026

We examine the causes and consequences of bank disintermediation. Are the causes regulation or competition from non-bank financial institutions (NBFIs)? Or are banks now cooperating with NBFIs, and does the greater risk of competition for them come from retail central bank digital currencies (CBDCs)? Can the EU’s Savings and Investment Union (SIU) be a game changer for them? And what effects may bank disintermediation have on central bank monetary policy transmission?
Andreas Dombret, Frankfurt am Main, Germany.
Patrick S. Kenadjian, London, UK.