The idea is that the exercise of market discipline will provide a continuous assessment of government actions, which will in turn lead to sounder policies. This is necessary because, in a monetary union, unsound national fiscal policies have major spillovers to other countries and to the single monetary policy.
Experience of these institutions is of very important for us in process of building of our system, which should be aligned with EU regulations. Also, financial assistance from EU institutions and member-states make possible to carry out and complete these essential reforms. Thank you  2/2  BIS central bankers' speeches