These measures, however, did not make monetary union crisis-proof once and for all. Quite the opposite, in fact. By adding further elements of mutual liability, they softened the principle of independent responsibility. Since economic and fiscal policy matters continue to be issues of national ownership, the 5/9  BIS central bankers' speeches  relationship between actions and liability has got out of kilter.
The debt service ratio (repayments and interest as a proportion to current receipts) has also gone up from 5.9 per cent in March 2013 to 7.5 per cent in September 2014. Though some vulnerability parameters show some deterioration, we are much better placed now than in 1990–91 (Table).