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2 EU politics
The big 5 of institutions:
- The European Council
- The European Commission
- The Council of Ministers/ (EU) Council
- The European parliament
- The Court of Justice
The EU Council = Council of ministers, Council of the EU and ‘The Council’
CJEU = Court of Justice of the European Union
Broad definition of public affairs:
- Government relations + media relations
- Issues management + C.S.R.
- Public policy analysis + Community relations
Narrow definition of public affairs:
- Government relations; monitoring and analysis of policy development
- Lobbying
Lobbying is any action designed to influence the actions of the institution of government
Globalization is the compression of time and space
- The compression of time and space makes people more able; physically, legally,
linguistically, culturally, and psychologically. To engage with each other wherever on
earth they might be.
, 3 Economics
Economic growth is growth of production/income in an economy as measured by the
change in GDP
Economic growth/ high GDP is important because
- It leads to more production, and therefore more employment
- It leads to more income, and therefore higher (consumption and) welfare
- Governments receive more tax income to spend on public services
In an economy …. Spends money (expenditures)
- Consumers/ households: consumption
- Companies/ producers: investments
- Government: government spending
- Foreign countries: export – import
Consumers + companies + governments + foreign countries =
Add these four together to get GDP. In other words: economic growth is impacted by
changes in consumption, investment, government expenditures, and import and export.
Interest rate is the cost of borrowing expressed as a percentage
The percentage of the interest rate is determined by
- Supply of money
- Demand of money
- The central bank
Business cycle: regular fluctuation of expenditures resulting higher or lower economic
growth
Expansions: large increase in expenditures (and therefore increase in production and GDP)
Recessions: low increase or even a decrease in expenditures
Inflation is the increase in the average price level
Downsides of inflation:
Decrease in purchasing power/unions demanding higher wages/higher wages drive up
production costs Country's products become > expensive international competitors become
cheaper, export </ redistribution of wealth - rise in interest rate
Exchange rate: the price of the currency of one country expressed in the currency of another
country
Exchange rates are determined by the same process that determines other prices: supply
and demand
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