What is the European Union? It is a group of 27 countries who have come together to have free trade and economic co-operation.
What are the aims of the EU? Free trade: No customs/import duties between member countries. Free movement of capital(money) & labour(workers). Common currency: Only used by 15 member states at present.
What are the benefits of EU membership to Ireland? EU grants which have helped develop our country. Larger market for selling our exports. Ireland is the only english speaking conuntry using the euro, US co.’s set up here to have access to EU market.
What is the Eurozone? The 15 countries within the EU which have the Euro as their currency. AKA “Euroland”.
What are the benefits of being a member of Euroland to Irleand? No need to convert currency when trading with these countries. Easier to compare prices. More employment due to US companies setting up in Ireland to have access to EU.
Members of Euroland Austria Belgium Cyprus Finland France Germany Greece Ireland Italy Luxemburg Malta Netherlands(Holland) Portugal Slovenia Spain
The other 12 EU member states Bulgaria: Le Czech Rep: Czech Crown Denmark: Krone Estonia: Estonian Crown Hungary: Forint Latvia:Lats Lithuania: Litas Poland: Zloty Romania: Leu Slovakia: Koruna Sweden: Krona United Kingdom Pound Sterling
Rules for converting currency Converting Euro to foreign: Going abroad on holiday!!!(SMILE) Multiply by the sell rate. Converting foreign to Euro: Coming back from holiday. (BRON/SAD) Divide buy the buy rate.