Chapter Summary


The Eurozone (or euro area)


Benefits for Ireland of being in the Eurozone


Challenges for Ireland of being in the Eurozone


The group of EU countries that share a common currency (the euro). Ireland has used the euro since 2002.


1. No transaction costs: No charges for changing currency within the eurozone.


2. Price comparisons: Prices shown in euros help to find cheaper suppliers. 3. Price stability: No exchange rate fluctuations makes it easier to budget.


1. No control over interest rates: The ECB sets one rate for all members, which may not suit Ireland.


2. No control over the value of our currency: Ireland cannot adjust its own currency to help exporters.


Add your notes here:


The European Union


Q1 Clíona Rafferty runs a cheese business in Co. Cavan. She sells her cheese to shops in France and has hired employees from Spain and Portugal. (i) Explain the term Single Market.


(ii) The Single Market is built on four freedoms. Match each freedom on the left with the correct description on the right by writing the number in the answer row below.


Freedom A. People


B. Goods C. Capital


D. Services A Description


1. Products can be bought and sold between member states without tariffs.


2. Funds can be invested across member states.


3. EU citizens can live, work and study in any member state.


4. Businesses such as banks or insurance companies can operate in other member states.


B C D


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STRAND 3 CHAPTER 34: Ireland in the European Union


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