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prime rate of interest (E4)<br />The rate of interest that US commercial banks charge small and medium-sized firms for borrowing. Historically, this was the interest rate the most creditworthy customers of banks were charged but with the development of the COMMERCIAL PAPER market, the largest customers borrow below the prime rate.<br /><em>See also:</em> base rate
optimum currency area (F3)<br />The group of countries ideally covered by one currency or by a number of linked currencies, e.g. the EUROPEAN MONETARY SYSTEM. The necessary conditions for an optimum area include wage and price flexibility and mobility of capital and labour. The social and political unity of the area is more important than its size. Setting up an area with a coMMON cuRRENCY brings about the adjustment costs of extra unemployment, reductions in residents' income and wealth and migration, which can be financed out of a joint FISCAL POLICY for the area_<br /><em>See also:</em> European Monetary System <br /><em>Reference</em><br />Ishiyama, Y (1975) 'The theory of optimum currency areas: a survey', International Monetary Fund Staff Papers 22: 344-83 Mundell, R.A. (1961) 'A theory of optimum currency areas', American Economic Review 51: 657-65.
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