Some people claim that the main reason why gold became money was that women liked it. Others claim that it is the faith that makes us use a certain good as money. By that logic, even water could become money just by virtue of us having faith in it.
In August, the Bulgarian government adopted a detailed action plan for joining ERM II and the Banking Union and there were some changes1 to the Bulgarian National Bank Act that also seem to lead in this general direction.
With a sample of 4,000 Slovak students, the Economics Olympiad revealed the most serious weaknesses in economic education of young people. Memorizing is believed to be a long-term problem, but knowledge useful only as a part of quiz shows remains a crucial element of the Slovak education system.
Fear that people will not buy new flats because they will have higher interest rates. If the people do not invest more, the prices of these assets will stagnate or fall. Whoever buys in times of a loose monetary policy, wins. When screws begin to tighten, the winner is the one who sells first.
Estonia could become the first country in the world with virtual currency, the Estcoin. The problem is that the country’s official currency is Euro and membership in the Eurozone does not allow having any other parallel cryptocurrency.
In the Czech Republic, we have gone through four decades of central planning of prices of practically everything. And the result? Either the price has been set too high and surpluses have been accumulated, or too low, and the television in the evening informed the audience about shortages of underwear and toilet paper.