In the course of the pilot program and promotion of proposals, the IMF should always adhere to the principles of voluntary and cooperative participation and respect the sovereignty and national conditions of the governments of all countries. VI.
Market conditions in European Prime MMFs which are earning negative yields may pre-empt the conclusions of the FSB and other policy decisionmakers. As you know, some promoters are contemplating new structures where investors earn negative returns. We should see how this plays out and in particular the investor response to the structures that the promoters offer.