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Membership of the EU has been a major factor in Ireland's economic development - Leaving Cert Geography - Question 1 - 2006
Question 1
Membership of the EU has been a major factor in Ireland's economic development. Describe two ways in which Ireland has gained from its EU membership.
Worked Solution & Example Answer:Membership of the EU has been a major factor in Ireland's economic development - Leaving Cert Geography - Question 1 - 2006
Step 1
Way 1: Access to the Single Market
Answer
Ireland's membership in the EU has granted the country unrestricted access to the Single Market, which consists of over 500 million consumers across the EU. This access has facilitated trade and investment opportunities for Irish businesses, allowing them to export goods and services without tariffs or barriers.
As a result, many Irish companies have expanded their operations and have seen significant growth due to the increased demand for their products in other EU countries. The ease of trading with fellow EU members has not only boosted economies at the local level but has also allowed Ireland to attract foreign direct investment (FDI), particularly from multinational corporations looking to establish a base within the EU.
Overall, the Single Market has been crucial in enhancing Ireland's trade relationships and economic stability.
Step 2
Way 2: Structural Funds and Economic Development
Answer
Another significant benefit of EU membership for Ireland has been access to various EU Structural Funds, which support regions lagging in economic development. These funds have been instrumental in financing infrastructure projects, such as roads, public transport, and communication networks across the country.
With the help of these investments, Ireland has been able to modernize its infrastructure, improve connectivity, and boost productivity. The availability of EU funds has also empowered local businesses and communities by promoting job creation and fostering sustainable development. Consequently, such support has played a pivotal role in transforming Ireland into one of the fastest-growing economies in Europe.