International Economic Terms

English-language economic definitions generated from approved international institutional sources.

  • EU enlargement

    EU enlargement is the process through which European states join the European Union under the Union’s accession rules. After the original six EEC members, membership expanded …

  • euro

    The euro is the common currency of the EU countries that belong to the euro area. It is used for payments within those countries and for …

  • euro interbank offered rate (EURIBOR)

    EURIBOR is a daily benchmark for euro-denominated interbank lending. It is derived from the rates submitted by a representative group of prime banks for deposits with …

  • euro overnight index average (EONIA)

    EONIA was the euro money market’s benchmark for unsecured overnight interest rates. Until 30 September 2019, it was derived from euro interbank lending rates submitted by …

  • euro short-term rate (€STR)

    The euro short-term rate (€STR) measures the cost of unsecured overnight euro borrowing in wholesale markets by banks based in the euro area. The rate is …

  • European Commission

    The European Commission is the executive body of the European Union. Established in 1967 for the three European Communities then in existence, it prepares draft legislation …

  • European Commission surveys

    European Commission surveys are recurring, standardised questionnaires used to gauge sentiment among firms and households in EU Member States. Separate questionnaires are directed at enterprises in …

  • European Council

    The European Council is the EU body in which the heads of state or government of the Member States meet with the Presidents of the European …

  • European Currency Unit (ECU)

    The ECU was the European monetary system's composite unit of account before the third stage of Economic and Monetary Union. Its value derived from specified quantities …

  • European Economic Area (EEA)

    The European Economic Area (EEA) is a framework that links the EU single market with Iceland, Liechtenstein and Norway, although these three countries are not EU …