This study session begins with monetary and fiscal policy, including their use by central banks and governments. Economics in a global context is then introduced. Next follows a discussion on the flows of goods and services and physical and financial capital that occur across national borders. Highlighted in the discussion are the relationships between different types of flows and the benefits of trade to trade partners. Finally, given that operations and investments in global markets involve foreign exchange (currency) risk, the session concludes with an overview of currency market fundamentals.