4  BIS central bankers’ speeches  workforce, particularly in an age of globalization and technical change. Cost-effective K-12 and post-secondary schooling are crucial to building a better workforce, but they are only part of the story.
As you know, the Maastricht Treaty contains a no-bailout clause prohibiting member states from assuming each other’s debts. The treaty also bans monetary financing of government debt by the Eurosystem. Together, these safeguards aim to ensure that investors themselves – and not other parties such as the taxpayer – bear the risks of investing in government bonds.