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Examine the impact of European Union policy on the Irish economy. - Leaving Cert Geography - Question C - 2014
Question C
Examine the impact of European Union policy on the Irish economy.
Worked Solution & Example Answer:Examine the impact of European Union policy on the Irish economy. - Leaving Cert Geography - Question C - 2014
Step 1
Identify the impact of EU policy
Answer
One significant impact of European Union policy on the Irish economy is the increase in foreign direct investment (FDI). The EU's single market has attracted multinational corporations due to reduced trade barriers and access to a larger market, fostering economic growth and job creation in Ireland.
Step 2
Step 3
Examine the economic impact
Answer
The examination of the economic impact of EU policies on Ireland can be analyzed through several dimensions:
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Foreign Direct Investment: The EU's regulations and funding mechanisms have facilitated a surge in FDI, leading to job creation and technological advancements.
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Agriculture and CAP: The CAP has supported the agricultural sector, ensuring farmers receive subsidies which help stabilize prices and promote sustainability.
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Public Infrastructure Development: EU funds have been instrumental in developing public infrastructure, enhancing connectivity and productivity.
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Economic Stability: Membership in the EU has provided Ireland with economic stability during financial crises, granting access to funding and support mechanisms.
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Challenges: However, there are negative aspects as well, such as the dependency on EU funds and potential restrictions on domestic policies due to EU regulations.
In conclusion, while the impact of EU policy on the Irish economy has been largely positive through increased investment and agriculture support, it is essential to recognize the complexities and challenges that arise from such policies.