Examine the impact of membership of the European Union on the Irish economy.
- Leaving Cert Geography - Question C - 2013
Question C
Examine the impact of membership of the European Union on the Irish economy.
Worked Solution & Example Answer:Examine the impact of membership of the European Union on the Irish economy.
- Leaving Cert Geography - Question C - 2013
Step 1
Identify the impacts of EU membership
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Answer
Membership in the European Union has had several significant impacts on the Irish economy, which can be categorized as follows:
Economic Growth: The EU has facilitated increased economic growth in Ireland through access to a larger single market, allowing Irish companies to trade freely with other EU nations.
Funding and Investments: Ireland has benefited from numerous EU funds, such as the European Regional Development Fund, which have helped modernize infrastructure and improve public services.
Step 2
Impact on Trade
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The removal of trade barriers within the EU has expanded Ireland's export markets dramatically. This access has led to a boost in sectors such as agriculture and technology, propelling the economy forward.
Step 3
Impact on Agriculture
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EU membership provided Irish farmers with subsidies and a guaranteed market for their goods under the Common Agricultural Policy (CAP), stabilizing the agricultural sector and ensuring food security.
Step 4
Impact of EU Policies
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The EU's regulatory framework has also influenced various sectors of the Irish economy, including environmental regulations, labor laws, and consumer protection, aligning them with EU standards.
Step 5
Impact on Foreign Direct Investment (FDI)
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Ireland's EU membership has made it an attractive location for Foreign Direct Investment, as companies leverage Ireland's access to the EU market, leading to job creation and innovation in the economy.
Step 6
Impact on Economic Diversification
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EU membership has prompted Ireland to diversify its economy. This diversification is evident in the growth of technology and service sectors, reducing reliance on agriculture alone.
Step 7
Long-Term Economic Stability
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The economic framework provided by the EU has contributed to long-term stability in Ireland, helping to navigate economic crises more effectively through shared monetary policy and fiscal support mechanisms.
Step 8
Challenges from EU Membership
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Despite the benefits, EU membership has also posed challenges, such as compliance with regulations and economic dependence on broader EU economic performance. These challenges necessitate a balanced approach to policy-making that considers local impacts while adhering to EU standards.
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