Clearly, as suggested by Chairman Schapiro, action by the SEC to address the vulnerabilities that were so evident in 2008, while also preserving the economic role of money market funds, is the preferable route.
You could think about the collateral framework, too. WSJ: What about quantitative easing? Is that a legitimate tool? It depends on the conditions around it. For example: guarantees, etc. WSJ: Your predecessor, Joerg Asmussen, favored the OMT. The institution you worked for until a couple months ago, the Bundesbank, vigorously opposed it. What’s your position?