BIS Review 118/2009  3  One critical area for improvement is that of increasing capital requirements for many forms of traded securities, including some securitized assets. Some work has already been completed. We place a high priority on undertaking a comprehensive review and reform of these requirements.
As regards holdings of money market fund units/shares by non-euro area residents, on which reliable statistical data are now available, the distortion has become more sizeable over recent months and currently amounts to around half a percentage point of the annual rate of growth of M3.