These truly European bodies are responsible for providing the incentives to avoid excessive risk taking in the financial industry and to promote a level playing field in support of beneficial financial integration within the euro area. 3. A crisis mechanism has been set up and is still being improved.
Countries with stressed liquidity positions which are subject to market attacks receive financial aid from the Luxembourg based European Financial Stability Facility (EFSF). This support should allow them to return to a sustainable level of debt and regain competiveness as soon as possible. 4.