Second, macroeconomic developments in the member states have to be monitored more closely in future. Both of these points of approach are designed to prevent government debt crises. However, such crises cannot be ruled out entirely in the future either.
Therefore, third, it will be necessary to establish a crisis management and resolution mechanism as a prudent and necessary supplement to the existing regulatory framework. Given strict compliance with the “no bail-out” principle, assistance to individual member states linked to strict conditionality and a very limited timeframe should be possible if stability of monetary union as a whole is at risk.