Studied by 2 people
Looks like no one added any tags here yet for you.
The European Union (definition)
Trading block of 28 independent European member countries. It allows the free trade of people, goods, services, capital from one member of a country to another.
Why was the EU set up?
Promote free trade, finance underdeveloped areas, peace between states
When did Ireland join the EU?
1st January 1973
Name the what is able to move freely as a result of the EU
People, goods, services, capital (money), common currency (unofficial)
Free trade (Aims of EU)
EU members can trade g/s within the EU without any restrictions
Free movement of citizens (Aims of EU)
Citizens of the EU can invest their money in other EU countries
Removal of physical barriers (Aims of EU)
E.g. you can drive across the border to Northern Ireland without being stopped at the border
Common Currency (Aims of EU)
EU encourages member countries to use the euro. Countries that use the euro are called the Eurozone.
European Monetary Union (definition)
The name given to EU countries that have replaced their national currencies with the euro.
Benefits of the EMU to Ireland
Price transparency, price stability, low inflation
Price transparency (Benefits of EMU)
Single currency makes price comparison of products easy.
Price Stability (Benefits of EMU)
ECB (European Central Bank) has a monetary policy that focuses on price stability.
Low inflation (Benefits of EMU)
ECB has a low inflation policy. Makes it easier for businesses when planning, prices are guaranteed to stay fixed.
Economic benefits of EU membership to Ireland
Protectionism, access to wider markets, access to EU grants
Protectionism (Benefits of EU Membership)
From cheap non-EU imports (Chinese Garlic, Chicken Filets from Thailand) e.g. quotas, custom duties,
Access to wider markets (Benefits of EU Membership)
Allows Irish companies free access to over 500 mil customers
Access to EU grants (Benefits of EU Membership)
Grants from EU to develop infrastructure. E.g. M1
Economic challenges of Ireland's EU membership
Loss of control, increased competition for Irish companies
Loss of control (Consequences of EU Membership)
We have to accept any decisions/laws the EU makes.
Increased competition for Irish businesses (Consequences of EU Membership)
Irish companies have to face competition from companies in EU member states for gov contracts. E.g. any EU company can win the contract to print the JC papers.
Social benefits of Ireland's membership to the EU
Job creation, freedom of movement, environmental issues
Job creation (Social benefits)
Roughly 700,000 jobs created since Ireland joined the EU. Increased standard of living.
Freedom of movement (Social benefits)
Irish people can work, travel, study abroad in EU countries.
Environment issues (Social benefits)
EU laws on pollution improved well being of population
Social challenges of Ireland's membership to the EU
High levels of unemployment, poverty. Ageing population
High levels of unemployment, poverty (Social Challenges)
Need to create jobs across Europe
Ageing population (Social Challenges)
Replacement rate is falling. 2023 4 workers per retiree. By 2050 1:1. Pressure on public finances
What does the EU Commission do?
Propose new laws, ensure they're implemented, manages budget, manages running the EU
EU parliament
Represents citizens, debates laws, approves budget
Council of the EU
Made up of ministers from each country
Court of Auditors
Ensures tax money is used for its purpose. Financial report to EU
EU Court of justice
Ensures laws applied fairly in all states, fines countries who don't implement laws.
ECB
Controls interest rates, issues euro notes, controls inflation
Irish implications due to Brexit
Barriers to trade, Increased FDI, decreased tourism
Barriers to trade (Consequences of Brexit)
Irish companies deal with tariffs, makes trading with UK more expensive
Increased FDI (Consequences of Brexit)
(Foreign Direct Investment), Ireland only English speaking country left in EU. UK companies may relocate to gain access to EU
Decreased tourism (Consequences of Brexit)
Fall in value of pound, make UK tourists coming here more expensive.
Note
Flashcard