(1995) however provide some evidence in favour of market discipline on US data; see T. Bayoumi, M. Goldstein and G. Woglom (1995): “Do credit markets discipline sovereign borrowers? Evidence from U.S. States”, Journal of Money, Credit and Banking, 27, 4, pp. 1046–1059.
BIS central bankers’ speeches  5  These steps include new ways of dealing with countries that do not comply with recommendations from the European Commission. They include giving the Commission the right to inspect national budgets before they go before national parliaments – a power the US federal government does not have over the states.