I believe this focus is justifiable because academic education programmes often culminate in high-skilled and well-paid employment. This will enable those affected to foot a larger share of the costs of their own education. However, education is just one element of public investment. An effective infrastructure is also decisive for economic development.
BIS central bankers’ speeches  1  seems to have reversed this trend, as recent reforms in the US and Europe show. Today, most Eurosystem governors are banking supervisors. In December 2012 euro area finance ministers reached an agreement to create a Single Supervisory Mechanism (SSM).