1. Interest Rate Levels: Individuals may consider the interest rates offered by financial institutions, as higher rates can incentivize saving.

2. Level of Inflation: A higher inflation rate may deter saving, as it reduces the real value of returns.

Economic Advantage: Reduced Inflation

Increased savings can lead to reduced spending, which helps keep inflation in check. When demand for goods and services decreases, price pressures are alleviated, leading to a more stable economy.

Economic Disadvantage: Reduced Spending within the Economy

Higher savings rates can lead to reduced consumer expenditure, which negatively affects businesses that rely on spending. This can cause slower economic growth and may lead to unemployment in sectors reliant on consumer demand.

One reason for the closure of bank branches is Cost Reduction. Banks aim to decrease operational costs as maintaining physical branches can be expensive, particularly when customer transactions have shifted to online platforms.

For customers, the closure of branches may lead to Inconvenience. They may have to travel longer distances to access banking services which can create additional barriers for those who rely on physical bank visits.

For employees, branch closures can result in Job Losses. Staff members may lose their jobs and find it difficult to secure new employment, thus affecting their financial stability and contributing to the overall unemployment rate.

For the local community, the closure can lead to Reduced Economic Activity. Local businesses that relied on foot traffic from bank customers may see a decrease in sales, impacting local economies and community vitality.

ECB stands for European Central Bank.

'Money should be durable' means it must withstand physical wear and tear. Other characteristics of money include:

1. Portability: It should be easily transportable.
2. Divisibility: Money needs to be divisible into smaller units to facilitate various transactions.

One economic advantage of the euro for Ireland is Increased Trade Opportunities. Being part of the Eurozone eliminates exchange rate fluctuations, making it easier for Irish exporters to trade with other member countries without incurring additional foreign exchange costs.

One economic disadvantage of the euro is Loss of Independent Monetary Policy. Ireland loses the ability to set its own interest rates, which constrains its economic responses to local economic conditions, particularly during economic downturns.