Why should it be different now? The crisis is one explanation. But it is also the case that the incentives for Member States to abide by and enforce the rules have fundamentally changed. Before the crisis, the ultimate punishment for unsound national policies was believed to be default, in line with the principle of “no bail-out” enshrined in the EU Treaties.
References Bank Indonesia, “Economic Report on Indonesia 2009”. Available at www.bi.go.id. Bank Indonesia, “Press Release No.12/31/PSHM/Humas, 5 July 2010”. Available at www.bi.go.id. Bank Indonesia, “Press Release No.12/28/PSHM/humas, 16 June 2010”. Available at www.bi.go.id. Bank for International Statements (BIS), “General Manager’s statement”.