Regarding money market funds’ liquidity risk: due to their perceived deposit-likeliness, constant net asset value MMFs face a relatively high risk of investor “runs” in times of crisis. Thus, the mandatory move to variable net asset value MMFs might be the single most important regulatory action to make the MMF segment more stable.
*  *  *  Can we have confidence in the growth in the euro area? Yes. Growth has returned and the unemployment rate is falling in the euro area. We can trust in the euro to protect us in an international environment where major emerging economies are experiencing a slowdown and financial markets are very volatile.