As Walter Eucken once put it, “Those who reap the benefits must also bear the costs.” Conversely, however, the principle of liability also means that those who are liable for losses must also be those who, based on their decisions, are responsible for said losses. To illustrate what this means, I always like to draw the following comparison for my audience.
This treasury is also  BIS central bankers’ speeches  1  highly required for storage of the State foreign exchange reserves in the form of gold. 6.