Examine the map above showing the Eurozone area in 2015 and answer each of the following questions - Leaving Cert Geography - Question A - 2016
Question A
Examine the map above showing the Eurozone area in 2015 and answer each of the following questions.
(i) In what year did Ireland join the Eurozone area and how many... show full transcript
Worked Solution & Example Answer:Examine the map above showing the Eurozone area in 2015 and answer each of the following questions - Leaving Cert Geography - Question A - 2016
Step 1
In what year did Ireland join the Eurozone area and how many countries including Ireland joined that year?
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Answer
Ireland joined the Eurozone area in 1999. In that year, a total of 11 countries joined the Eurozone.
Step 2
Name two European Union (EU) member states not in the Eurozone area in 2015.
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Answer
Sweden
Poland
Step 3
Calculate the total number of European Union member states in the Eurozone area in 2015.
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Answer
As of 2015, there were 19 European Union member states in the Eurozone area.
Step 4
Explain briefly two advantages of being part of the Eurozone area.
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Answer
Economic Stability: Being part of the Eurozone provides countries with more economic stability due to the shared currency (the Euro) which reduces exchange rate risks and promotes trade between member states.
Enhanced Trade Opportunities: Eurozone members benefit from easier trade within the Eurozone, as they do not face currency conversion costs or fluctuations, making it more attractive for businesses to engage in cross-border trade.
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