Task 3. Answer the questions about the euro.

1. What is the euro designed for?
2. Do you think the euro zone will grow in future?
3. Is the euro a political symbol of integration? Why?

 

Task 4. Match the word combinations and its definitions:

to be composed of	1. to state and carry out
in accordance with	2. to have a head or a supervisor
to maintain price stability	3. to be responsible for
to define and implement	4. to consist of
to be headed	5. money charged or paid for the use of money, expressed as a percentage
to be in charge of	6. conforming to a law or regulation
interest rate	7. to keep prices stable

 

Task 5. Read the text and complete the information below. Organization of the European system of central banks (ESCB)

1 The ESCB is composed of the European Central Bank (ECB) and the national central banks (NCBs) of the European Union member states. In accordance with the ESCB Statute, the primary objective of the ESCB is to maintain price stability.

2 The basic tasks to be carried out by the ESCB are:

· to define and implement the monetary policy of the EU;

· to conduct foreign exchange operations;

· to hold and manage the official foreign reserves of the Member States;

· to promote the smooth operation of payment systems.

3 The ECB is run by a six-member executive board headed by the ECB President and Vice-president. The four other members are in charge of payment systems, banking supervision, international relations, organization, statistics, banknotes and information systems.

4 Interest rates are now set by the ECB’s governing council which consists of the six-member executive board and the presidents of the national central banks of the participant countries.

Understanding main points.

1. The ESCB is composed of the _____________ _________ _______ and the _______ __________ ___________ _______.

2. The ECB is run by the _______________ ___________.

4. The members of the executive board are in charge of: __________

5. The ECB’s governing council consists of

a.__________________________; b. ____________________.

6. The main objective of the ESCB is to ___________ __________ ___________.

7. The NCBs fulfill all functions except ___________ _________ ________.

8. Interest rates are set by the _______ ____________ ___________.

Task 6. Read five extracts from 5 meetings. Match each extract to the correct European country. Put the number of the right extract next to the name of the country.

Extract 1.

A: Good morning everyone. I’d like to introduce you all Dr Alan Winter, who’s come over from the Atlanta office to spend a few days at our research center. Welcome to Berlin, Dr Winter.

B: Thank you very much, Wolfgang. It was kind of you to invite me.

A: OK, let’s get down to business, shall we?

Extract 2.

A: And then Juventus scored the winner. It was an incredible goal! Did you see the Lazio game last night, Miss Sterling?

B: Yes, I did. Wasn’t it a great match? One of the best I’ve ever seen. But then there’s nothing like Italian football.

A: So, you like football, then?

B: Oh, yeah. I love it. In fact, my father was a professional footballer.

A: Really?

B: Yes, he wasn’t a superstar or anything, but he played for Leeds.

A: Amazing. Wait till I tell Luigi. Our new partner’s father played Leeds United, ha!

B: Where is Luigi, by the way?

A: Oh, he’ll be here soon. He’s never the first to arrive, not Luigi….

Extract 3.

A: Rain stopped play again yesterday, I see.

B: Sorry?

A: The cricket. They cancelled the match.

B: Oh, they didn’t! Well, we certainly haven’t seen much cricket this summer.

A: No. Chocolate biscuit?

B: Oh, have you got chocolate ones? Business must be good.

C: Right, everyone. I suppose we’d better get started….

Extract 4.

A: Right, shall we start? First of all, this is Catherine Anderson from London. I think this is your first time in Finland, isn’t it Catherine? Or have you been here before?

B: Actually, I came here on holiday once, but that was a long time ago.

A: Well, we hope you enjoy your stay with us. Now there’s fresh coffee if you’d like some before we begin…

Extract 5.

A: You know what’s going on between our vice-president and our head of finance?

B: They’re having an affair?

A: Haven’t you heard? I thought everybody knew.

B: No! No one ever tells me anything.

A: I mean, it’s not the affair I care about. It’s how it affects our meetings. Haven’t you noticed?

B: Noticed what?

A: How they always agree on everything.

B: Well, now you mention it….

1. Germany: Formal introduction. Sit down. Begin. ____
2. Finland: Formal introduction. Cup of coffee. Sit down. Begin. _____
3. UK: Formal introduction. Cup of tea and biscuits. 10 minutes small talk (weather, sport). Casual begging. _____
4. France: Formal introduction. 15 minutes small talk (politics, scandal). Begin. _____
5. Italy: 20-30 minutes small talk (football, family) while others arrive. Begin when everyone’s there. _____