It was also supposed to be in keeping with the principle of liability, as spelled out in the no-bail-out clause, which sought to complement the coordination rules by fostering market discipline with regard to fiscal policy. And it was in keeping with the primacy of monetary stability by virtue of an independent European System of Central Banks and the prohibition of monetary financing.
Together with the rules laid down in the Stability and Growth Pact, these precautions were designed to contain the tensions inherent in a framework that combines a single monetary policy with 17 national economic policies. Besides being designed to promote stability, the euro promised to foster prosperity as well. Hopes were high that the euro would set in motion a process of real convergence.