And each April we are honored – and honestly, get a huge kick out of – hosting teams from across Minnesota in the final rounds of the MCEE’s two state high school quiz-bowl-like championships, the Economics Challenge and the Personal Finance Decathlon.
The ESM needs to be able to distinguish between liquidity and solvency problems early on.7 That would allow us to pick up the can early rather than kicking it down the road. Similarly, we need to do more to break the bank-sovereign nexus. We need regulatory instruments to curb the excessive accumulation of sovereign risks on bank balance sheets without triggering market disruptions.