There are rules of this kind — in addition to the general rules for the single market — principally for budgetary policy, where it has a particular direct relevance to the financial markets. Some of the rules for budgetary policy are: Firstly, the central banks must not finance the budgets. Secondly, there is a no-bail-out clause.
The Community is not liable for the commitments of individual member states. Thirdly, the governments have committed themselves to avoiding excessive deficits and, where they exist, to reducing them immediately. Fourthly, in normal circumstances the deficit should be close to balance. These rules are not undisputed. Some ask whether the no-bail-out clause is not sufficient.