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European Union Policies Membership of the European Union has been a major factor in Ireland’s economic development - Leaving Cert Geography - Question C - 2009
Question C
European Union Policies Membership of the European Union has been a major factor in Ireland’s economic development. Describe two ways in which Ireland has gained fr... show full transcript
Worked Solution & Example Answer:European Union Policies Membership of the European Union has been a major factor in Ireland’s economic development - Leaving Cert Geography - Question C - 2009
Step 1
Describe two ways in which Ireland has gained from its EU membership.
Answer
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Increased Foreign Direct Investment (FDI): Ireland has become a hub for multinational corporations, primarily due to its access to the EU single market. The EU's policies and funding have made Ireland an attractive location for FDI, which has led to job creation and enhanced economic growth. Companies are drawn to Ireland for its favorable corporate tax rates and the ability to trade freely with other EU member states.
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Access to EU Structural Funds: Ireland has benefited significantly from EU funding, particularly during times of economic hardship. The European Union provides various grants and financial assistance through structural funds aimed at improving infrastructure, education, and regional development. This financial support has facilitated Ireland's transition from a traditionally agrarian economy to a modern, knowledge-based economy.