This would enable members of the euro zone to informally prepare decisions on issues to be decided by the ‘ins’, such as the conversion rates of the ‘second wave’ of participants, or the imposition of sanctions on participating Member States with an excessive deficit.
Permit me to digress a bit about this new regulatory framework – particularly to clarify what it is and what it is not intended to do. 2  BIS central bankers’ speeches  Formal regulation by the Central Bank is not designed to interfere with or undermine the cooperative (democratic) character of the credit union sector.