The market for short-term debt securities in Europe: What we know and what we do not know

The AMF publishes a stock-take analysis on the market for short-term debt securities in Europe in order to complement the diagnosis of the March 2020 crisis that hit money market funds (MMFs). It synthesizes the data that is publicly accessible on the Internet, and provides additional insights thanks to databases made available by the European Systemic Risk Board (ESRB). The analysis highlights the still unaddressed vulnerabilities such as the fragmentation of the market and of its supervision as well as the lack of a robust identification of Euro-CP and emphasizes the lack of transparency in the secondary market operations.