The prospect of being able to spread the consequences of unsustainable policy across the entire monetary union might weaken the incentives to run a sound budgetary policy. This is why institutional safeguards were put in place before the euro was launched: the Stability and Growth Pact, the no bail-out clause, and the ban on monetary financing of governments.
Indeed, we want MSMEs to develop to their full potential and to help drive economic growth that is broad-based and inclusive. Mabuhay ang microentrepreneurs! Mabuhay ang ating mahal na bansang Pilipinas! Mabuhay po tayong lahat! 2  BIS central bankers’ speeches