The results have been significant but uneven. The restrictions on the use of national mechanisms were put in place quickly, but the introduction and sharing of their supranational counterparts has been delayed. Likewise, a contained risk-sharing approach was adopted for common intervention to help individual member states in difficulty.
The establishment of the BIS central bankers’ speeches  7  ESM has superseded the restrictive tenor of the no-bail-out clause in the European Treaty that would have precluded any form of assistance; however, the financial capacity of the fund is modest as it is supported by limited guarantees of the member states.