The EU

• Trading Bloc


  a group of countries who agree to form a trade area for a common market and remove trade barriers in doing so
• EU


  an economic and political union which aims for total cooperation among all its member countries on all economic, political and monetary matters
• Main aims of the EU:

  1. allow for free movement of people, money and trade
  2. promote economic and social progress
  3. promote peace, its values and wellbeing of all EU citizens
  4. offer freedom, security and justice without internal borders to EU citizens
  5. provide a common currency, the euro
  6. encourage sustainable development
• Europe gives individuals:

  • Consumer rights
  • Worker rights
  • Environmental and sustainability rights
• Positive impacts of eurozone:

  1. (Individuals) holidays are easier without currency conversion
  2. (Businesses) planning is more achievable; costs are reduced as they are more likely to do business with countries with the euro
  3. (Economy) benefits felt by individuals and businesses lead to economic growth in the country
• Positive economic impacts:

  1. Access to a larger market
  2. Access to structural funding, social funding and financial aid
  3. Free movement of goods and services
  4. More Foreign Direct Investment (FDI)
• Negative economic impacts:

  1. Increaes competition for employees/workers and businesses
  2. Contribution to EU budget increases as our wealth grows
  3. UK is one of Ireland's biggest trading partners but not an EU member
  4. ECB controls our monetary policy and decides on our interest rates
• Positive social impacts:

  1. Irish consumer rights are strengthened
  2. Workers' rights are improved
  3. Better standard of living
  4. Access to European social fund for the unemployed and poverty
• Negative social impacts:

  1. Increases costs for Irish businesses
  2. Member states may lose their independence (sovereignty)
  3. Increase in numbers migrating for work elsewhere in the EU
  4. Communication difficulties arise as there are many languages
• Brexit


  refers to when Britain left the EU (British Exit)
• Foreign/International trade


  buying and selling of goods between two countries