Local view for "http://purl.org/linkedpolitics/eu/plenary/2015-04-28-Speech-2-911-000"
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"en.20150428.41.2-911-000"2
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"Madam President, the nearly EUR 1 trillion currently invested in European money market funds serve an important purpose in our economy, providing corporations, governments and public bodies with a short-term investment vehicle that is a trusted alternative to bank financing. At a global level, the FSB has recommended measures to improve the safety of money market funds (MMFs) and to avoid runs through improved rules on transparency and diversification for MMFs, as well as limits on sponsored support.
The initial proposals from the Commission would have seen an end to the CNAV industry, whilst failing to convince anyone that VNAVs offer a wholly better or equivalent option. The ECR has argued consistently for both CNAV and VNAV MMFs to be able to continue, as they offer necessary and different services to our businesses and public bodies. They are not mutually exclusive, and we do not believe that one model is better than another. However, national bias has played an irresponsible role here. The alternative, low-volatility NAV proposed by the rapporteur seems to be a workable compromise, and I thank her for her work on it. However, it is undermined by the review clause calling for an end for this authorisation within five years. That makes such vehicles unviable for providers and investors. Improving diversification and transparency rules while allowing MMFs to function would serve the European economy and should be our sole goal."@en1
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