Money market contact group (MMCG)

The MMCG was established in 1999 and provides a forum for discussing issues related to the euro area money market. This includes short-term market developments as well as structural and regulatory trends and the functioning of the euro area money market in general.


Director General Market Operations of the ECB

Members and composition

Members consist of representatives of the ECB and different commercial banks from all over Europe who participate actively in the euro area money market.

The composition of the group is reviewed on an annual basis. For institutions interested in becoming member, please contact the ( secretary of the group ).

Representatives from the euro area national central banks, which have the status of observer, may follow the discussions in the group.


2016 2015
8 December

Item 1: Main results of the quarterly MMCG euro money market survey
Item 2: Latest market developments
Item 2 (ii): Excess liquidity and impact on market turnover
9 September
Item 3 (i): Market functioning in the environment of large excess liquidity
Item 3 (ii): Drivers of divergences in repo market rates and the spread to the ECB deposit facility
Item 3 (iii): FX swap market and drivers of volatility. The expected impact of the US monetary policy tightening on the FX swap market
Item 3 (iv): Implications of US monetary policy tightening expectations for euro area financial markets
Item 4: Update on the ECB’s Money Market Statistical Reporting Regulation
29 June
17 June
Item 1 (i): Review of the latest market developments
Item 1 (ii): The drivers of recent market volatility and re-pricing of the euro money market rates
Item 1 (iii): The initial market experience with negative three-month Euribor rates
Item 1 (iv): Market expectations of future money market rates
Item 2 (i): A focus on the Italian repo market
Item 2 (ii): Spanish repo market
Item 2 (iii): Repo market for German government bonds
Item 3: An update on the ECB’s Money Market Statistical Reporting Regulation
18 March
Item 1: An update on the Money Market Statistical Reporting Regulation
Item 3 (i): Review of the latest market developments
Item 3 (ii): Recent developments and main drivers of the cross-currency swap market
Item 3 (iii): The impact of the Eurosystem public sector purchase programme on the money market and banks' liquidity management
Item 4: Update on STEP market developments
Item 5: Update on regulatory developments for Money Market Funds
2014 2013 2012 2011 2010 2009 2008 2007 2006