However, with a view to a future stable regulatory framework, it is not helpful that decisions have been made that weaken this disciplinary effect. Regardless of which path monetary union takes, it must be ensured that, in future, budgetary imbalances of one country do not automatically jeopardise financial stability.
Otherwise, other countries would feel compelled to use all means necessary to prevent a sovereign insolvency for the sake of safeguarding financial stability, so that a disciplining effect on fiscal policy would be unlikely from the outset. For this reason, too, a resilient financial system is central to a stability-oriented monetary policy and a functioning monetary union.