Otherwise, bank runs and debt panics will be rampant. Obstfeld had in mind a bailout mechanism for banks, but it is now abundantly clear that one also needs a lender of last resort and a bankruptcy mechanism for states and municipalities.
再后来，奥布斯菲尔德（Maurice Obstfeld）指出，除了财政转移，货币联盟还需要有明确定义的最后贷款人规则。否则的话，银行挤兑和债务恐慌将会泛滥。奥布斯菲尔德构想了一个银行救助机制，但现在，显而易见的是，国家和自治地区也需要最后贷款人和破产机制。