During the financial crisis, investor runs on MMFs led to a disruption in the flow of finance to  BIS central bankers’ speeches  5  the real economy and necessitated dramatic interventions by public financial authorities.
The Central Bank believes that regulatory reform should focus on the need to reduce the probability of investor runs, to curb implicit support from sponsors and to reduce the need for support from the taxpayer. In order to avoid disruptive industry shifts, my preference is for international alignment between Europe and the US in this area.