I should say that I am here in my capacity as a member of the Governing Council of the European Central Bank, and so the views I express are built on this experience. I should also add that I am speaking as a member of the Governing Council rather than on its behalf.
BIS central bankers’ speeches  3  To understand the problem, we should be aware of the special role of money market funds (MMFs) in the United States. US MMFs were considered to be extremely safe financial assets. One of the primary reasons for this was that MMFs were only allowed to invest in AAA-rated assets.