Bloomberg writes "​EU May Make Money-​Market Funds Hoard Cash, Liquid Assets". The article says, "Money-​market funds may be forced by European Union regulators to hold minimum levels of liquid assets, and in some cases to hoard cash reserves, as part of a bid to toughen oversight of the $​4.​7 trillion global industry. Michel Barnier, the EU'​s financial services chief may require money-​market funds that maintain a fixed share price to build up a cash "​buffer" equivalent to 3 percent of their assets, according to draft proposals obtained by Bloomberg News. Barnier has identified regulation of money-​market funds as a priority in the bloc'​s efforts to rein in so-​called shadow banks.... `​The EU money-​market fund industry is concentrated in France, Ireland and Luxembourg, according to European Commission data. Funds domiciled in these three countries account for more than 95 percent of the EU MMF market."

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