Since concerns about a Greek default escalated in May, US MMFs have experienced significant investor outflows (Graph 8). The majority of  9  This has been a topic I have had a keen interest in for some time, including through chairing a working group for the BIS Committee on Global Financial Stability (CGFS) on the effect of central bank swap lines.
See CGFS, “The Functioning and Resilience of Cross-border Funding Markets”, CGFS Publication No 37. 10  See BIS Quarterly Review, September 2011. 11  Useful analyses of the US money market funds are provided on a regular basis by JP Morgan and Fitch. 6  BIS central bankers’ speeches  this has been reflected in reduced holdings of European bank debt.