a credit institution) from making any payments to an FMI will de facto cause that participant to no longer be able to meet its obligations as they fall due. For payment obligations to FMIs, this would place the participant in default.
Without an exemption for this type of payment, the moratorium would actually have the potential to amplify systemic risk before the FMI safeguards kick in. Conclusion I have a few concluding remarks. First, these various legislative initiatives are crucially important in the current context. Ensuring a successful outcome of these discussions in a timely manner should be a key priority for EU legislators.