The problem is that following through on that threat would severely test the ECB s commitment to do whatever it takes. After all, if markets truly believed that the ECB would refuse to backstop errant governments, investors would run away from participating countries at the first sign that conditionality was not being met.

Of course, regulators cannot easily require all banks to be well run in Bagehot s sense. So banks require capital as a backstop.

The European Central Bank s outright monetary transactions scheme provides an important backstop for debt sustainability. And a banking union, once completed, should contain the risk of financial crisis and contagion.

There must be commitment in return for commitment.

There was political commitment, some financial commitment, and everybody joined in the fight.

With OMTs, the ECB has converged toward the Fed in its ability to backstop each of its individual parts. Whether that hastens or hinders political progress toward fiscal and banking federalism is the next big question.

Strengthening political commitment

Our commitment continues.

1. Reaffirms its commitment

It questions our commitment.

The commitment is there.

(a) Secure political commitment.

Political will and commitment

We appreciate that commitment.

Finally, sovereign risk is rising consider the troubles faced by investors in Dubai, Greece, and other emerging markets and advanced economies. This has revived concerns that governments may be unable to backstop a too big to save financial system.

In that case, Greece s geopolitical position would be weakened, its economy would sink further into recession, and social tensions would rise. Moreover, instability would become chronic, because the eurozone would no longer offer a backstop for fiscal and financial laxity.

Fourth, the financial system despite the policy backstop is severely damaged. Most of the shadow banking system has disappeared, and traditional commercial banks are saddled with trillions of dollars in expected losses on loans and securities while still being seriously undercapitalized.

1. Affirms its commitment to

They have drive, passion, commitment.

And the third is commitment.

We welcome this renewed commitment.

Financing of the commitment authority

That is quite a commitment.

Meanwhile, the ability to backstop, ring fence, and bail out banks and other financial institutions is constrained by politics and near insolvent sovereigns inability to absorb additional losses from their banking systems. As a result, sovereign risk is now becoming banking risk.

This implies that transferring the majority of revenue raising capacity to the regions would be a mistake for the UK, because doing so would give the country a banking union without a fiscal backstop. And that, revealingly, is precisely what the eurozone has.

The second price spike occurred when Lehman Brothers collapsed, leaving investors scared about the safety of their financial assets including bank deposits. That scare was contained when the G 7 committed to increase guarantees of bank deposits and to backstop the financial system.

He proposed to establish fully integrated, cohesive teams at Headquarters, comprising military, police and civilian personnel, to direct and support field operations such teams would provide a single responsive backstop for a mission and expand and contract according to the mission's needs.

The Government, with the support of the Team, has continued a contingency programme aimed at increasing the capacity of the armed forces to deal effectively with threats to external security and to backstop the Sierra Leone police in maintaining law and order.

Such it is with commitment devices.

Strengthened and long term political commitment.

(f) Principal function Strengthening political commitment

Our commitment is demanding but achievable.

Norway maintains its commitment to Haiti.

Provide proactive leadership and reaffirm commitment

Our commitment to peacekeeping remains unflinching.

The European Central Bank can make available all the euros needed to backstop Italy s debt. And printing them would only offset, through mild inflation, the effects of the otherwise Draconian relative price adjustment that is taking place under the corset of the common currency.

A Party included in Annex I may use tCERs towards meeting its commitment for the commitment period for which they were issued.

A Party included in Annex I may use lCERs towards meeting its commitment for the commitment period for which they were issued.

So why do we need commitment devices?

That is our duty and our commitment.

Everyone has a generalized commitment to progress.

Commitment to the three non nuclear principles

The OPCW's commitment to Africa is undiminished.

This is done either by redefining the sector subsector to which a commitment applies or by going from one partial commitment to another one.

With roughly 2 trillion in foreign exchange reserves, the Chinese do have deep pockets to fund massive increases in government spending, and to help backstop bank loans. Many leading Chinese researchers are convinced that that the government will do whatever it takes to keep growth above 8 .