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PART A (65%) Answer four of the following questions. Use diagrams where appropriate in your answers 1. Outline the main provisions of the Single Market Programme. Use a diagram to explain why the welfare effect of this programme was unambiguously positive. 2. Explain, using the Break-Even-Competition (BE-Comp) framework, how state aid reduces the benefits of membership of a customs union Explain why a hard border will have to be re-established between Northern Ireland and Ireland if the UK leaves either the customs union or the single market as part of its withdrawal agreement from the EU 3. 4. What is the impossible trinity? Explain why it is impossible 5. What is an asymmetric shock, and why does such a shock cause problems for the European Central Bank in choosing an appropriate monetary policy response?

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Answer #1

4) Impossible trinity is also known as Trilemma. It is a concept which plays a crucial role for the countries when they are framing their monetary policy. It states that any economy / country can not achieve 3 things at the same time.

The three parts of the impossible trinity are:

  1. Independent Monetary Policy.
  2. Perfect Capital Mobility.
  3. Fixed Currency Exchanges.
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