The European Central Bank (​ECB) released its latest quarterly "Aggregated balance sheet of euro area money market funds," which shows that euro money fund balances continue to decrease. From over E1 trillion in 2011, euro money fund totals have fallen from E923 billion at the end of 2012 to E862 billion at the end of Q2 2013. (​Note: We'​re not sure what the ECB includes in these totals. Crane Data currently tracks just E80 billion in Euro-​denominated money funds. We don'​t consider French and Italian funds, which likely make up the bulk of the ECB'​s totals, true "​money funds.") The ECB also released its latest "`​Monthly Bulletin: Economic and monetary developments," which says about "Money Market Interest Rates, "​While overnight money market interest rates remained broadly stable in July, the money market yield curve flattened after the Governing Council'​s announcement of forward guidance on 4 July. In the seventh maintenance period of the year, which began on 10 July, the EONIA remained at low levels, reflecting the low key ECB interest rates, as well as the amount of excess liquidity in the overnight money market, which remained high, despite the ongoing repayment of funds borrowed in the three-​year longer-​term refinancing operations (​LTROs). Unsecured money market interest rates remained generally stable in July 2013. On 31 July the one-​month, three-​month, six-​month and twelve-​month EURIBOR stood at 0.​13%, 0.​23%, 0.​34% and 0.​54% respectively, and was thus 1 basis point higher for the one-​month and three-​month maturities, while unchanged for the other maturities. Consequently, the spread between the twelve-​month and one-​month EURIBOR -- an indicator of the slope of the money market yield curve -- decreased by 1 basis point to stand at 41 basis points on 31 July."

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