2 Discount window access cannot serve as an effective means to backstop insured depository institutions’ liquidity if banks fear that borrowing from the discount window will signal to the public, their competitors, or their counterparties that the bank is in trouble. Prior to Dodd-Frank, the Federal Reserve only published information on discount window borrowing in aggregate, but stigma was nonetheless an issue.
The ECOFIN Council is required to formulate broad guidelines for the economic policies of the Member States and to monitor economic developments within a multilateral surveillance framework. EU governments are also subject to a common code of conduct in fiscal matters, in particular imposing limits on government deficits, as laid down in the Treaty.