This includes money market funds, where we have developed policy proposals to enhance their resilience. And it includes open-ended funds, where we are working with IOSCO to assess whether recommendations to address structural vulnerabilities are effective. We will use the insights to develop a systemic approach to NBFI risks and policies to address them.
The ECB President contributes to the “Four Presidents’ Report” (with Donald Tusk, JeanClaude Juncker and Jeroen Dijsselbloem) on the future of Economic and Monetary Union requested by the European Council. But the ECB is obviously not a decision-maker: constitutional questions such as this go well beyond our remit.