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    Do we follow the same fiscal rules as the EU or do we have separate rules like for our monetary policies?


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    What is the UKs newest fiscal rules, I've got really vague notes on this


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    (Original post by phoebe230253)
    Do we follow the same fiscal rules as the EU or do we have separate rules like for our monetary policies?


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    We can do what we like generally.
    Although you might be confused with your wording.
    We're in the EU however we have our own currency, and consequently our own policies (fiscal and monetary).
    The Eurozone is countries with the Euro as their currency and it has certain restrictions. This includes the monetary policies you mentioned but also some fiscal. The most notable is that technically Eurozone countries shouldn't have a budget deficit exceeding 3% of GDP. They are however free to set most other fiscal policies like tax rates and spending as long as they comply with a few limits.
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    Just profiling
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    (Original post by phoebe230253)
    Do we follow the same fiscal rules as the EU or do we have separate rules like for our monetary policies?


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    FISCAL policies are completely independent (apart from VAT tax rate).
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    (Original post by Parkway Drive)
    Hahaha, thank you very much!!!

    Clearly you're very smart too =]

    So, this might sound like a stupid question, but, is the UK part of the CU?
    Its part of the Customs union yes, but of course not in the Eurozone.
    For a quick differentiation between these, just google economic integration
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    (Original post by hypercube)
    FISCAL policies are completely independent (apart from VAT tax rate).
    Apart from VAT tax rate?
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    (Original post by Ecomax)
    Apart from VAT tax rate?

    Yep, VAT is set by the EU, the UK had to adopt it as part of the requirements.

    http://en.wikipedia.org/wiki/Europea...alue_added_tax
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    (Original post by Ecomax)
    Its part of the Customs union yes, but of course not in the Eurozone.
    For a quick differentiation between these, just google economic integration
    Thank you, I appreciate your help.

    =]
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    (Original post by hypercube)
    FISCAL policies are completely independent (apart from VAT tax rate).
    I think we just choose to follow their Fiscal policy i.e. public sector borrowing bellow 3% of GDP and public sector debt less than 60% of GDP.

    But we don't have to.
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    Ughh any high achievers here that could provide some insight on structuring/writing the essays? I tend to run out of time during the exams and I have no examples or current economic knowledge since I don't follow the news ._. under exam pressure they just leave my head and I end up neglecting the contexts too
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    (Original post by archdd)
    Ughh any high achievers here that could provide some insight on structuring/writing the essays? I tend to run out of time during the exams and I have no examples or current economic knowledge since I don't follow the news ._. under exam pressure they just leave my head and I end up neglecting the contexts too
    Posted this
    http://www.thestudentroom.co.uk/show...age=10&page=10

    Well make sure you start off briefly scanning over the context, highlight a couple quotes .. you can only get 21 marks max with no reference to the data.
    For examples, just go through business news with BBC or the economist or anything of sort, and for current economic knowledge:
    http://www.bbc.co.uk/news/special_reports/uk_economy/
    http://www.bbc.co.uk/news/10612209
    http://www.economist.com/business-finance
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    Using the data and your economic knowledge, assess the possible economic
    consequences for the UK economy of an EU-wide fiscal policy requiring all member
    states to balance their budgets. (25 marks)

    How would you answer this question?
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    (Original post by Ecomax)
    Posted this
    http://www.thestudentroom.co.uk/show...age=10&page=10

    Well make sure you start off briefly scanning over the context, highlight a couple quotes .. you can only get 21 marks max with no reference to the data.
    For examples, just go through business news with BBC or the economist or anything of sort, and for current economic knowledge:
    http://www.bbc.co.uk/news/special_reports/uk_economy/
    http://www.bbc.co.uk/news/10612209
    http://www.economist.com/business-finance
    'Ecomax' is all over any questions asking for high achievers... I might aswell leave this thread now haha my advice is make sure you know your timings before you go in, I just know I spend 1 hour on the data question and 1 hour on the essay question. Don't go over your set timings, because then you will run out of time. Use Ecomax's examples to get up to date, you need to know what's happening and this will massively impress the examiner. My essays are always more evaluation and context than they are about analysis, because this is why the marks are at!
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    (Original post by kelbel1)
    'Ecomax' is all over any questions asking for high achievers... I might aswell leave this thread now haha my advice is make sure you know your timings before you go in, I just know I spend 1 hour on the data question and 1 hour on the essay question. Don't go over your set timings, because then you will run out of time. Use Ecomax's examples to get up to date, you need to know what's happening and this will massively impress the examiner. My essays are always more evaluation and context than they are about analysis, because this is why the marks are at!
    Hey your inverted commas hurt haha, totally agree with this. With the 25 markers however, always make sure you have a strong final concluding judgement, examiners love it according to reports.
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    http://www.thestudentroom.co.uk/show...355767&page=49

    Take a look on this page someone has created econ 4 notes- deserves rep for sharing!
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    anyone have any predictions?
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    (Original post by Axion)
    anyone have any predictions?
    Maybe an argument as to whether the UK should adopt the euro? Not sure... Does anyone else have ideas?


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    Any ideas on how much to write on the 25 mark questions? Like roughly how many pages?
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    Hi, could someone please help me?? In my notes I have written that the Quantity theory of money is a monetarist explanation for inflation - but surely it leads to demand pull inflation - so why is not a Keynesian explanation for inflation????? Thanks
 
 
 
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