This is, however, less of a concern in Europe where money market funds are not central to the financial system. 14  For more information, see the ECB Report “Financial Integration in Europe” (April 2014).
BIS central bankers’ speeches  5  higher yielding, but still safe products such as repo or sovereign bonds, including those of non-core countries.15 The higher demand has pushed down and thus compressed interest rates in secured markets. Let me conclude.