BUSINESS

HEADLINES TODAY
5 DECEMBER 2016

challenges facing Ireland in the future

CHALLENGES
FACING
IRELAND AND
THE EU IN THE
FUTURE

agement of the economy. We are all

aware that poor government regulation and excessive spending by Irish
governments has resulted in an economic crisis throughout the nation.
as a result, the Irish government has
had to request loans from the European Central Bank. These loans
have strict conditions attached about
how the government will manage the
By M MURPHY
country in the future. Ireland is a
net contributor to the EU budget,
and as Ireland has become wealthThere are many benets to Ireland ier, it has become a net contributor
being a member of the EU however of funds to the EU budget, that is,
we cannot deny there are future chal- Ireland will pay more then it receives
lenges facing Ireland as a member of back. Finally, there is increased comthe EU. Ireland needs to take greater petition for investment. More readvantage of the Eurozone. Despite cent EU member countries from easthaving access to the EUs Single Eu- ern Europe have much lower labour
ropean Market, Irelands still does a costs and low levels of corporate taxsignicant amount of trade with non- ation. This will make IDA Irelands
Eurozone countries such as USA and job for attracting TNCs to Ireland
UK. Ireland also needs to conform much more difcult than before. These
with EU rules regarding proper man- reasons are evidently potential issues

facing Ireland as a member of the EU

and need to be considered and undoubtedly discussed with a plan of
action constructed for these future issues.

Benefits of EU
membership to
Ireland
By M MURPHY

Although future issues facing Ireland have made their way into the
spotlight, it cannot be denied that
there are a number of excellent benefits for Ireland as a result of being
an EU member country. These benefits can be observed as benefits to
businesses, employees and consumers.
Looking at businesses, Irish firms
have easy access to large and wealthy

BUSINESS HEADLINES TODAY

markets as a result of being members
of the EU. This helps firms to achieve
greater economies of scales and allows
them offer lower prices. EU grants to
industry have also helped many Irish
businesses to grow and expand and
Irish agriculture continues to benefit from financial support through the
Common Agriculture Policy. Employees also benefit from Ireland being part of the EU. TNCs have invested in Ireland which has created
uncountable direct and indirect jobs
as well as pumping billions of euros
into the Irish economy. The EU social
policy has also enhanced employees
legal rights. Finally, the nation, as
consumers, have benefited largely as
a result of Ireland being a member

5 DECEMBER 2016

of the European Union. They can

use the same currency when travelling abroad, Competition policy has
provided increased choice and keeps
prices low and EU directives have resulted in strong consumer protection
legislation being introduced. Furthermore, Irelands economy and environment have seen many improvements
and benefits as a result of Ireland being part of the EU. EU structural
funds have helped to pay for investment in roads and public transport
infrastructure, there are more responsible taxation and spending policies
for the Irish government, the economy has benefited from billions of euros as a result of CAP and structural
fund payments and EU policies have

forced Irish businesses and the government to become much more environmentally responsible. From this
we can see there are clearly large benefits from Ireland being a member of
the EU which possibly outdoes the
challenges facing Ireland and the EU
in the future. Would you agree?