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EUROPEAN SYSTEM OF CENTRAL BANKS: The consolidation of the central banks of the member nations of the European Union, together with the European Central Bank, to oversee monetary policy. A major aspect of the Economic and Monetary Union has been coordinate the actions of distinct, independent nations under a single authority, which could probably not be achieved without the European System of Central Banks. The European System of Central Banks is comparable to the Federal Reserve System of the United States.
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CONSUMER SOVEREIGNTY The notion that consumers ultimately determine what goods and services are produced and how the economy's limited resources are used based on the purchases they make. Consumers thus reign over the economy as sovereign rulers.
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In the late 1800s and early 1900s, almost 2 million children were employed as factory workers.
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"Managing intellectual assets has become the single most important task of business. " -- Thomas Stewart, author
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QML
Quasi-Maximum Likelihood
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