1/4  BIS central bankers' speeches  Be reminded that we were having a triple crisis on our hands, the kind that economists call a perfect storm. Ukraine was simultaneously fighting a war, going through a financial crunch, and teetering on the brink of default. That makes me certain that we can take pride in what we have accomplished together.
The ban on the monetary financing of governments by the central bank – to prevent money from being “printed” to fund government debt. 2. The no-bail-out clause – which makes it clear that no member state is liable for the debts of another member state. 3. Debt rules – which were designed to prevent member states from accumulating excessive debt.