[1rudeboy]

...it was the European Central Bank playing with interest rates that was the major cause of the 2008 crisis.

Really? Who's been arguing this?

[Olog-hai]

These people.

Following the European Union’s adoption of the euro, the European Central Bank kept its interest rates at 2 percent to help reunified Germany. Money poured into Britain and America, distorting money markets. After December 2005, the ECB inched up interest rates seven times. In January 2007, Germany raised VAT by 3 percent and the German unions asked for increased wages in compensation. German Bundesbank President Axel Weber sought and secured another ECB interest rate rise to curb German wage inflation. Higher interest rates then caused funds to sweep back to Europe, and soon the US and UK financial systems began to crack. After a further ECB interest rate rise in July 2008, stock markets round the world collapsed.

— European Journal, January 2009

Note that I didn’t claim it was the sole cause, here. And if the EU is going after shadow banking merely to regulate it, then they see it as a tool and not inherently dangerous; they just want a piece of the estimated $67 trillion.