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European Money Fund Reform: Where Things Stand Currently

Memories of the 2007-2008 global financial crisis - now a decade behind us - remain all too fresh, as regulators and political leaders continue to debate causes of that crisis and to advance the most effective strategies for preventing a future one.

Whether significant and sudden redemptions from money-market mutual funds - in Europe and in the U.S. - were a fundamental cause of the crisis or an unfortunate consequence of it continues to be debated by some regulators, academics, and market participants. However, the presumption in the immediate aftermath of the crisis, as the G20 group of nations agreed in 2008, was that the absence of discipline in short-term credit markets generally, and among money-market funds specifically, needed to be addressed. Therefore they advocated sweeping financial reforms on market instruments and processes, including on money-market funds. Read more...

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