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This involves the surrender of control over aspects of economic policy and therefore surrender of some political sovereignty by the government of each member state to the central government body of the union. 6 Exchange rates and business A change in the exchange rate will affect the relative prices of domestic and foreign produced goods and services. A lower exchange rate A higher exchange rate Domestic goods are cheaper in foreign markets so demand for exports increases Domestic goods are more expensive in foreign markets so demand for exports falls Foreign goods are more expensive so demand for imports falls Foreign goods are cheaper so demand for imports rises Imported raw materials are more expensive so costs of production rise Imported raw materials are cheaper so costs of production fall Fluctuating exchange rates create uncertainties for businesses involved in international trade.
The European central bank has several roles. (i) Issuing the common currency (ii) Conducting monetary policy on behalf of the central government authorities (iii) Acting as lender of last resort to all European banks (iv) Managing the exchange rate for the common currency A centralised monetary policy applies across all the countries within the union. This involves the surrender of control over aspects of economic policy and therefore surrender of some political sovereignty by the government of each member state to the central government body of the union.
2 Example: Dividend yield A company pays a dividend of 15c (net) per share. The market price is 240c. What is the dividend yield if the rate of tax credit is 10%? 3 of this chapter. 4 The price earnings ratio Key term Price earnings ratio = Market price of share EPS The price earnings (P/E) ratio is the most important yardstick for assessing the relative worth of a share. This is the same as: Total market value of equity Total earnings The value of the P/E ratio reflects the market's appraisal of the share's future prospects.