[>Institutional arrangements
A number of institutional arrangements for sound fiscal policies have been agreed at the EU level, also with a view to limiting risks to price stability. These include: - the prohibition of monetary financing (Article 123 of the Treaty on the Functioning of the European Union), - the prohibition of privileged access to financial institutions (Article 124 of the Treaty on the Functioning of the European Union), - the no-bail-out clause (Article 125 of the Treaty on the Functioning of the European Union), - the fiscal provisions to avoid excessive government deficits (Article 126 of the Treaty on the Functioning of the European Union, including the excessive deficit procedure), and - the Stability and Growth Pact (secondary legislation based on Articles 121 and 126 of the Treaty on the Functioning of the European Union).](Institutional arrangements
A number of institutional arrangements for sound fiscal policies have been agreed at the EU level, also with a view to limiting risks to price stability. These include: the prohibition of monetary financing (Article 123 of the Treaty on the Functioning of the European Union), the prohibition of privileged access to financial institutions (Article 124 of the Treaty on the Functioning of the European Union), the no-bail-out clause (Article 125 of the Treaty on the Functioning of the European Union), the fiscal provisions to avoid excessive government deficits (Article 126 of the Treaty on the Functioning of the European Union, including the excessive deficit procedure), and the Stability and Growth Pact (secondary legislation based on Articles 121 and 126 of the Treaty on the Functioning of the European Union).](Institutional arrangements
A number of institutional arrangements for sound fiscal policies have been agreed at the EU level, also with a view to limiting risks to price stability. These include: the prohibition of monetary financing (Article 123 of the Treaty on the Functioning of the European Union), the prohibition of privileged access to financial institutions (Article 124 of the Treaty on the Functioning of the European Union), the no-bail-out clause (Article 125 of the Treaty on the Functioning of the European Union), the fiscal provisions to avoid excessive government deficits (Article 126 of the Treaty on the Functioning of the European Union, including the excessive deficit procedure), and the Stability and Growth Pact (secondary legislation based on Articles 121 and 126 of the Treaty on the Functioning of the European Union).](Institutional arrangements
A number of institutional arrangements for sound fiscal policies have been agreed at the EU level, also with a view to limiting risks to price stability. These include: the prohibition of monetary financing (Article 123 of the Treaty on the Functioning of the European Union), the prohibition of privileged access to financial institutions (Article 124 of the Treaty on the Functioning of the European Union), the no-bail-out clause (Article 125 of the Treaty on the Functioning of the European Union), the fiscal provisions to avoid excessive government deficits (Article 126 of the Treaty on the Functioning of the European Union, including the excessive deficit procedure), and the Stability and Growth Pact (secondary legislation based on Articles 121 and 126 of the Treaty on the Functioning of the European Union).Institutional arrangements
A number of institutional arrangements for sound fiscal policies have been agreed at the EU level, also with a view to limiting risks to price stability. These include: the prohibition of monetary financing (Article 123 of the Treaty on the Functioning of the European Union), the prohibition of privileged access to financial institutions (Article 124 of the Treaty on the Functioning of the European Union), the no-bail-out clause (Article 125 of the Treaty on the Functioning of the European Union), the fiscal provisions to avoid excessive government deficits (Article 126 of the Treaty on the Functioning of the European Union, including the excessive deficit procedure), and the Stability and Growth Pact (secondary legislation based on Articles 121 and 126 of the Treaty on the Functioning of the European Union).Institutional arrangements
A number of institutional arrangements for sound fiscal policies have been agreed at the EU level, also with a view to limiting risks to price stability. These include: the prohibition of monetary financing (Article 123 of the Treaty on the Functioning of the European Union), the prohibition of privileged access to financial institutions (Article 124 of the Treaty on the Functioning of the European Union), the no-bail-out clause (Article 125 of the Treaty on the Functioning of the European Union), the fiscal provisions to avoid excessive government deficits (Article 126 of the Treaty on the Functioning of the European Union, including the excessive deficit procedure), and the Stability and Growth Pact (secondary legislation based on Articles 121 and 126 of the Treaty on the Functioning of the European Union).Institutional arrangements
A number of institutional arrangements for sound fiscal policies have been agreed at the EU level, also with a view to limiting risks to price stability. These include: the prohibition of monetary financing (Article 123 of the Treaty on the Functioning of the European Union), the prohibition of privileged access to financial institutions (Article 124 of the Treaty on the Functioning of the European Union), the no-bail-out clause (Article 125 of the Treaty on the Functioning of the European Union), the fiscal provisions to avoid excessive government deficits (Article 126 of the Treaty on the Functioning of the European Union, including the excessive deficit procedure), and the Stability and Growth Pact (secondary legislation based on Articles 121 and 126 of the Treaty on the Functioning of the European Union).](https://www.ecb.europa.eu/mopo/eaec/fiscal/html/index.en.html)