(Bloomberg) -- Federal Reserve Vice Chairman Stanley Fischer said while the non-bank financial industry appears less vulnerable since the financial crisis, more work must be done to reduce risks in short-term wholesale funding markets.

“While progress has been substantial, areas for continued work remain,” Fischer said in the text of remarks prepared for delivery Friday in Frankfurt. “To say that the non-bank sector today appears less vulnerable than it did during the global financial crisis is not to say that authorities in the United States have tamed the non-bank sector.”

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