The following are the Balance of Payments records of the country Geordieland: In billions Year 1 Year 2 Year 3 Year 4 Balance of Trade 145 132 83 101 Balance of Goods & Services -8 -14 -9 2 Current Account 131 110 65 54 Capital Account -8 -6 -9 -10 Financial Account -37 -56 -28 -26 Net errors and omissions Official Reserves -77 -61 -37 -6 On the basis of the above records: a) Calculate the value of the net errors and omissions. b) Explain in detail what these balances and their components mean. c) Is Geordieland accumulating or decumulating foreign reserves? Looking at the reserves can you say what is the likely exchange rate regime adopted by Geordieland? [15%] [40%] [15%] d) What is the Impossible Trinity trilemma? [10%] e) Describe the different choices made by developed, emerging, and developing countries with respect to the three dimensions of this trilemma configuration. [20%]