Brussels, 21/01/2015 (Agence Europe) - At the committee on economic and monetary affairs of the European Parliament on Wednesday 21 January, the MEP Neena Gill (S&D, UK), rapporteur on the proposed regulation aiming to make the monetary funds more solid, argues that no more time should be lost on this dossier, which has been on the table since September 2013.
“We can't keep beating about the bush”, she told the French MEP Alain Lamassoure (EPP), who felt that the debate was likely to take longer than certain “optimistic” predictions. Lamassoure feels that transposing the American reform as proposed by Gill was “not necessarily a very good approach” and suggested returning to the Commission's original proposal.
Despite the very high number of amendments tabled (700), Gill takes the view that the political groups of the EP share “a great many objectives”. For instance, there is support to broaden the part of corporate debt money market funds can invest in, as well as in 'repo' contracts. There also seems to be consensus on banning external support. On the diversification of the portfolio and liquidity requirements, Gill said that despite the different figures put forward by the various groups, a compromise can be reached. Syed Kamall (ECR, UK) stressed the issue of diversification. He also criticised the fact that certain countries, “two in particular”, want to see the demise of the CNAV industry. (EL)