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8 Cards in this Set
- Front
- Back
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monetary policy |
actions taken by the ECB that influence money supply, interest rates and the availability of credit |
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money |
anything that is generally accepted by people in exchange for goods and services or repayment of debt |
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functions of money |
1. medium of exchange 2. measure of value 3. standard for deferred payments 4. store of wealth |
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legal tender (cash) |
money that must be accepted if offered as payment for a purchase or settlement of a debt |
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role of ECB |
conduct monetary policy in the euro zone |
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functions of ECB |
1. maintain price stability (changes interest rates) 2. implements EU monetary policy 3. financial stability and supervision 4. sole right to issue euro currency 5. holds and manages the official reserve |
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commercial banks |
institutions that provide deposit and lending services to consumers and businesses |
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credit union |
group of people who save together and lend to each other |
