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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
Impact identified
Answer
The impact of European Union policy on the Irish economy can be encapsulated through various dimensions, including economic growth, employment opportunities, and trade relationships. One significant impact is the economic growth spurred by access to the Single European Market, which has fostered increased foreign direct investment (FDI) into Ireland.
Step 2
Step 3
Examine the impacts
Answer
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Economic Growth: The integration into the EU has directly contributed to robust economic growth in Ireland. The influx of investments, particularly in technology and pharmaceuticals, has created high-value jobs. Ireland's GDP has shown significant increases attributed to this investment climate.
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Employment Opportunities: EU policies facilitating labor mobility have also impacted employment. Citizens from other EU states have moved to Ireland for job opportunities, thus filling skill shortages in critical sectors.
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Trade Relationships: Access to the EU’s single market has opened up avenues for Irish exports. The trade policies have allowed Irish goods and services to reach a broader audience without heavy tariffs, enhancing the country's export capabilities.
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Structural Funds: The EU has allocated various structural funds to Ireland, aimed at mitigating regional disparities. These funds have been critical in developing infrastructure, which in turn stimulates local economies.
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Common Agricultural Policy (CAP): Through CAP, Ireland has benefitted from funding that supports agricultural innovation and sustainability. This policy has been essential in stabilizing agricultural income, allowing farmers to invest further into their operations.
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Negative impacts: However, the EU’s regulatory frameworks and compliance measures have posed challenges. Irish farmers, for instance, must adhere to strict EU regulations, which can sometimes limit their operational flexibility.
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Recession and Recovery: The impact of EU economic policies during the financial crisis of 2008 is notable. EU measures aimed at stabilizing the Irish economy, including bailout packages, were pivotal for recovery and have fostered a renewed focus on economic sustainability within EU guidelines.