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Petr Ježek
Born in Prague in 1965. A graduate of Prague’s University of Economics, Petr Ježek joined his country’s Ministry of Foreign Affairs and served as a diplomat. For some ten years, he held relatively high posts related to the country’s ties with the EU, e.g. heading the Foreign Ministry’s European Integration Department and serving as Deputy State Secretary for European Affairs. He also worked as chief of staff of then Czech Prime Minister Vladimír Špidla. In 2014, Petr Ježek was elected Member of the European Parliament on the ballot of the ANO 2011 party.
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The Economic and Monetary Affairs Committee of the European Parliament (ECON) on Wednesday, January 21, discussed the amendments tabled to the Money Market Funds Regulation. Neena Gill, the rapporteur, emphasized that she wanted to find a way forward that took into account as many amendments tabled as possible.
However, there was a clear divergence in political opinion, with the right of the house pushing for a lighter touch approach, whereas the left of the house pushed for more radical solutions such as calling for Constant Net Asset Value MMFs to be subjected to bank-like regulation, or forcing them to convert to a Variable Net Asset Value model.
Petr Ježek proposed a solution which aimed to keep the benefits of CNAV MMFs while addressing the financial risks they posed. His main objective is to ensure that both CNAV and VNAV MMFs continue to finance the real economy in the EU to the tune of over €1 trillion, as they currently do.
The European Commission expressed support for a solution which would impose bank-like regulation on CNAV MMFs, but with such a wide divergence of views on the issue, it will be difficult to reach a compromise which is acceptable to all. In the next weeks, representatives of all parties in the European Parliament will meet in order to determine whether we can reach a common position.