EU Basics
Ireland joined the EU in what year?
1973
Can you name the 4 things that move freely within the EU.
Goods, Services, People and Capital.
Big multinational companies invest in Ireland because we are ...
part of the EU.
What is a challenge of EU laws?
Can reduce national control / sovereignty
If inflation rises to 6%, the ECB will likely do this.
Raise interest rates
How many different countries are in the EU?
27
This tax on imports does not exist between EU countries.
Tariffs.
Using this currency removes exchange rate risk
Euro
Ireland must pay this to remain a member of the EU.
EU membership fee
If Ireland left the EU, Irish exports to France might face these.
France
To promote peace cooperation/prevent further wars in Europe
This allows an Irish person to work in Spain without a visa.
Free movement of people
How many countries are part of the Eurozone
19
Irish businesses face this when competing within the EU.
Increased competition.
If borrowing and spending were to decrease, what should happen to inflation?
It should decrease
This institution sets interest rates for countries that use the euro.
European Central Bank (ECB)
One major benefit for Irish businesses from being part of the EU.
No currency exchange rate risk / no tariffs (free trade) / free movement of labour / Increased competition.
Give one social benefit of Ireland being part of the EU.
Strengthens the rights of Irish consumers / Improves the standard of living due to higher wages / EU laws improve workplace equality / EU citizens can travel and work freely / European health card with the EU.
What do Ireland not have any control of that the ECB does?
Interest rates
One reason Ireland attracts Foreign Direct Investment.
Access to the EU Single Market
Why was it important for Ireland at the time to join the EU?
Ireland was heavily dependent on the UK for trade and wanted to diversify.
Why might small firms in Ireland find it challenging being part of the EU?
They may struggle to compete with larger European companies.
How does being part of the EU benefit Irish workers
It creates jobs and increases income in the economy.
What is the issue if Ireland cannot control their interest rates?
If Ireland hit a recession but the Eurozone economy is strong, rates might stay high.
How might Irish businesses respond to having to pay for tariffs as a result of Ireland leaving the EU?
Increase prices, reduced profits, relocate, go out of business.