For example, market participants have been made keenly aware of the implicit assumptions about market liquidity embedded in models and of the ways in which market, credit, and liquidity risk can interact. One common criticism of risk-management models is that they ignore the risk that liquidity may dry up or become depleted in certain markets, making trading difficult, if not impossible.
In the case of the remaining new member countries a continuation of the present deficit ratios would lead to a further rise in the debt ratio, even so they are today still comfortably below the reference value. It should also be pointed out that, on average, the new member states already maintain quite sizeable public sectors in relation to their levels of income.