The ECB does not have formal responsibility for the external value of the euro no one does.
Capital flight and surging imports have evidently contributed to the sharp drop in the external value of the local currency.
My standard advice for those few younger people who ask me for it is simply to produce a lot of external value.
The decline in the external value of the Euro will be beneficial to the troubled countries causing it, but it leaves Germany, in particular, in an awkward position.
While its internal value has not fallen as much as it once did, thanks to lower inflation, its external value ie, in relation to other currencies has been in remorseless decline, albeit punctuated by some longish rallies.
The external value of the local currency, the cedi, has dropped precipitously from 1.4 cedis to the dollar in January 2.2 cedis to the dollar in July -- a drop of 57% in terms of the local currency.
And while Eli may be correct that people who produce a lot of external value get rewarded in the long run, it would help if the economics field did a better job of rewarding positive externality generating behavior and of explicitly arguing for optimal social norms.
ClearStory Data, a startup that has not revealed its capabilities, has declared that it will be in the business of providing a platform and user model that makes it easy and intuitive to find high value external data from numerous trusted sources and cross-pollinate this data with private and corporate data for fast, richer analysis.
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So how are we to proceed to create value from external data?
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The key to creating value from external data is to get as many people involved as possible using the sort of technologies mentioned in this article.
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This need to create a complete value chain that incorporates external data is widely understood.
FORBES: Do You Suffer from the Data Not Invented Here Syndrome?
Listening to customers and acting on their needs should shape every aspect of a company, from the types of people that are hired, to internal and external communications, design processes, value definition, and how decisions are made.
And a forthcoming ACCA study of IFRS adoption in China finds that companies with the greatest demand for external capital experienced the most increase in the value relevance of their reported earnings.
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That is extraordinary behavior for a global company worth a quarter-trillion dollars whose traditional value lies in linking users to external sites -- in other words, getting you out of the domain ASAP.
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What would we need to do how would we need to innovate to transform our organization such that it creates value for future users given the overwhelmingly powerful external dynamics redefining our operating environment?
In Switzerland, which like the U.K. isn't part of the euro zone, the central bank has used the euro as its external reference point in its efforts to keep the Swiss franc's value stable.
The limited value of structural elements can be seen in many boards that have truly independent external directors, and follow all the official rules and recommendations, but still perform poorly in difficult times.
We have excellent prospects for internal and external growth, a flexible business model a competitive cost of capital and a fantastic cohesive team dedicated to delivering value for stakeholders.
This is the value of an exchange-rate peg in an economy such as Hong Kong's: adjustment to external shocks takes place through changes to domestic prices, rather than through exchange-rate levels.
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