Benefits of Eurozone Membership to Ireland Membership of the eurozone offers the following benefits to Ireland:
• It makes it easier for Irish businesses to trade in the eurozone. • The cost of changing currencies is eliminated for businesses trading in the eurozone.
• It encourages tourism in Ireland as tourists from other eurozone countries do not have to exchange their currency.
• It allows Irish consumers and businesses to accurately compare the prices of goods and services across the eurozone.
A EU membership debate
Stage a class debate: This house believes that Ireland should leave the European Union. Record the outcome of the debate on page 236 of your Activities and Accounts Book.
CHAPTER SUMMARY
• The European Union (EU) is an economic and political partnership between a group of European countries.
• The EU is organised around three main institutions: 1. The European Commission; 2. The Council of Ministers; 3. The European Parliament.
• The EU single market allows the free movement of goods and services, capital and labour between the EU member states.
• EU membership offers a number of benefits to Ireland’s economy and also presents some challenges. • Protectionism is the practice of imposing tariffs on cheaper imports to protect EU industries. • Public procurement allows EU companies to bid for government contracts in other EU member states.
• As well as affecting trade, Ireland’s membership of the EU has had a positive impact on the lives of the Irish people as a result of funding, programmes and charters.
• The eurozone is made up of all the EU member states that have adopted the euro as their currency.
Taking stock A
Go to page 237 of your Activities and Accounts Book to check what you have learned in chapter 36.