On the contrary, Article 125 of the Maastricht Treaty explicitly excludes bailouts, stating that neither the Union nor its member states are liable for the commitments of EU governments. Indeed, some countries insisted on the no-bailout clause as a condition of their participation in the euro, fearing that Europe’s debtor countries could, by majority voting, expropriate the thriftier countries, thereby generating moral-hazard effect that would undermine the stability of the EU.