In the euro area, we see that investment funds have been taking on higher credit risk and duration risk in the current market environment. And there are strong indications that liquidity risks are building up in the sector with the share of less-liquid assets in the sector growing continuously since the global financial crisis.
We will complete roll-out of the liquidity management framework, including amendments to the Basel III liquidity coverage ratio (LCR) standard; issuance of complementary minimum liquidity ratio and net stable funding ratio standards; and intraday liquidity reporting guidelines. Financial Market Efficiency in a Growing Economy. One theme that you should expect to see from our reform agenda is market efficiency.