To be sure, domestic money market funds are not the only vulnerable cash-management investment vehicles active in U.S. short-term funding markets.
Nevertheless, this adjustment, which is larger than in most other eurozone countries, is necessary not only to adhere to the European budget rules but also to enhance durable growth recovery. I will come back to the need for budgetary discipline at the European level at the end of my speech. For the future, I am optimistic.