[3] The sharp rise in energy prices is also reflected in the terms of trade, i.e. (that is) the relation of export to import prices. A decline in this ratio implies an increase in real import costs. In Germany, the terms of trade fell by more than 10% in August 2022 compared with the previous year, mainly driven by higher expenditures for energy imports.
We consider Financial Inclusion and Financial Literacy as twin pillars where Financial Inclusion acts on the supply side i.e. for creating access and financial literacy acts from the demand side i.e. creating a demand for the financial products and services. 8. Unrestrained access to public goods and services is the sine qua non of an open and efficient society.