European Union (EU)

The European Union (EU), as the name indicates, is an assortment of 28 European nations having common social, security and economic policies. Headquartered in Brussels, Belgium, the EU is not one big country (unlike the United Kingdom) or continent. The member countries are independent but must cede to EU agreements. Set up in 1993, the […]

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Euro

Euro is the European Union’s (EU) official currency, introduced to make the common European market much more trade-efficient. It was first introduced in 1999 as virtual currency (in bank accounts) – Euro paper notes and coins started circulating three years later in 2002. The countries that have euro as their official currency are collectively referred […]

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Gross Domestic Product (GDP)

Gross domestic product (GDP) is an official financial measure of the total goods and services produced by a country’s citizens within its borders during a particular time period. All sectors or industries are party to GDP: manufacturing, agriculture, construction, energy, government and service sector. Calculated annually and also quarterly at times, GDP helps find out […]

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Monetary Policy

Monetary policy refers to the measures adopted by a country’s central bank or currency board to control money supply (cash, checks, credit, mutual funds, etc.) within its economy by lowering or increasing interest rates; determining the minimum amount of funds banks must have in their vaults; and trading government securities such as bonds, bills and notes […]

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Fiscal Policy

An element of macroeconomics, fiscal policy refers to the taxation and expenditure policies a government adopts and implements. In other words, the policy helps a government decide how much money it should spend (on roads, schools, etc.) and the sum it must collect from its citizens through taxes – so that the economy is in […]

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