We have also analyzed alternative approaches to financial education. For example, the economic education staff at the Federal Reserve Bank of Philadelphia investigated the effectiveness of a personal finance course that uses a specific curriculum, “Keys to Financial Success.” This semester-long course is taught by teachers who attended a 30-hour training course.
However, M3 growth has only recently started to decline and, for the time being, the reversal of the earlier liquidity build-up is proceeding only slowly. The persistence of excess liquidity could become a risk to price stability, particularly at a time of economic recovery in the euro area.