Even in the interbank markets – traditionally considered as the deepest and most liquid of all markets – activity has been protractedly  2  BIS Review 125/2008  “frozen”. This has happened primarily due to uncertainties as to the size and locations of losses created by the opaque transfer of credit risk brought about by complex securitisation mechanisms.
The pact does not require a budget balance at all times but instead calls for a rapid adjustment towards the medium-term objective. The crisis also forced the member countries to reconsider banking regulation and supervision arrangements.