It is equally important that markets can play their disciplinary role in an efficient manner. This requires transparency in the surveillance process and the realisation of markets that the no-bail out clause does indeed constitute one of the binding constraints of EMU.
Opening remarks by Gerardo Esquivel Hernández, Deputy Governor of Banco de México, on the occasion of the 16th Annual Conference of the International Operational Risk Working Group (IORWG) Mexico City, September 20, 2022  Good morning, good afternoon, good evening, everyone.