For non-euro countries, where the risk of contagion was considered modest, the application for IMF conditional loans was not controversial. In the case of euro-area countries, however, such as Greece, a complete set of intervention options was never put on the table; some options were not considered at all, basically due to motives of prestige.
With reference to the second point, Balcerowicz charges that the European Financial Stabilisation Mechanism (EFSM) is inconsistent with the letter of the Article 122.2 of the Treaty. He also criticizes the ECB’s Securities Market Programme as a possible threat to its reputation.