For highly indebted governments, low interest rates are critical to keep debt levels sustainable and ease pressure to restructure debt and recapitalize banks. The shift to a high sovereign-debt-yield equilibrium would make it impossible to achieve fiscal balance.

Next to my family, it seems clear to me that the educational institutions and the teachers from whom I had the privilege of learning were especially important.

My mother was strong-willed, demanding, and very supportive all at the same time.

Michael Spence Quotes