The Morningstar data for Eurozone money market funds (MMFs) for March finally shows a small amount of inflows. Aggregating data for the top dozen or so Euro-focused MMFs, we see +€10bn of inflows in March after -€7bn of outflows in February and just +€2bn of inflows in January. It is too early to say whether this is a more pronounced shift out of bank deposits into MMFs – although if not now, then the Eurozone MMF industry really should be asking itself some tough questions. To put this in context, the €10bn remains a tiny figure in the context of total Eurozone deposits of €14.3trn (and Eurozone MMF assets of €1.5trn).