In this case, however, since the fears of euro reversibility and those for member countries’ debt sustainability fueled each other, the instruments were not independent. The reform of European governance thus necessarily hinged on the tightening of the budget rules and the introduction of new procedures for the control of other macroeconomic imbalances.
We continue to work on the Credit Surety Fund (CSF) program, alongside the Cooperative Development Authority. As a credit enhancement scheme, the CSF provides security for loans of MSMEs by way of a surety cover.