We expect from governments strict respect for the principle of budgetary discipline and effective mutual surveillance. The purchases made on the secondary market cannot be used to circumvent the fundamental principle of budgetary discipline. The Securities Markets Programme strictly aims at correcting malfunctioning of markets. The prohibition of monetary financing underlines precisely the fact that budgetary discipline is of the utmost importance.
The Financial Service Commission will surely have regard to the framework developed by the Financial Stability Board, in collaboration with the Committee on Payments and Market Infrastructures (CPMI), to monitor the financial stability implications of the developments in crypto-asset markets.