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<strong>Reaffirmation</strong> – A borrower' s acknowledgment of a loan repayment obligation, including all principal, interest, and other costs, in a legally binding manner.
Denison's law (E2)<br />This states that the private sector saving of companies and households is a constant proportion of national income. This relationship held for twenty-five years but it is now being disputed.<br /><em>Reference</em><br />Denison, E. F. (1958)Note on Private Saving', Review of Economics and Statistics, 40: 261-7.
economic union (FO)<br />This uniting of national economies consists of four elements. A SINGLE MARKET, coMPETITION POLICY, common policies on structural change and regional development, and macroeconomic policy co-ordi- nation by the imposition of binding rules for budgetary policies, especially by stating upper limits for budget deficits and by defining an overall FISCAL STANCE. A union of this kind has been proposed for the EUROPEAN UNION.<br /><em>See also:</em> Delors Plan
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growth recession (E3)<br />A downturn in an economic CYCLE when an ECONOMY is still enjoying modest economic growth.
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