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Explain the significance of 'Euroland' on the world economy
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Bernice Berschader The Euro (a) With reference to the first paragraph, explain the significance of 'Euroland' on the world economy. The article refers to the 'Euroland' in the first paragraph. The 'Euroland' refers to the group of 11 countries which have adopted the euro. This region makes up for 19% of the world domestic product or world output. This high GDP of the countries within the EU takes into account the output of foreign firms within the Europeans Union yet it does not include the output of EU firms located beyond the barriers of the EU. A high GDP is necessary for regions to achieve economic growth and have high living standards, which has materialised in the EU. (b)(i) Examine the factors which might explain that prices "varied on average by 24% (line 19 - 20) within the euro area. According to the article the price variations are justified in the...
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