European Union short answers

Questions and Answers

What are two major economic benefits for Ireland from being a member of the Economic and Monetary Union (EMU)?

Lower transaction costs and reduced exchange rate risks are two major economic benefits.

How does the Common Agricultural Policy (CAP) support farmers in Ireland?

The CAP provides direct payments to farmers ensuring a reasonable standard of living and stabilizes agricultural prices.

In what ways does the Common Fisheries Policy (CFP) benefit Irish fishermen?

The CFP guarantees access to fishing grounds while implementing rules that protect fish stocks from overfishing.

What role does Competition Policy play in the market dynamics of Ireland?

Competition Policy promotes fair competition, providing more choices for consumers while preventing monopolistic practices. Signup and view all the answers

Identify how the EU Social Charter impacts employee rights in Ireland.

The EU Social Charter ensures rights like fair wages, work-hour limits, and safety conditions for employees. Signup and view all the answers

Explain one reason why Ireland benefits from the single European market.

Ireland benefits from the single European market through unrestricted access to a large consumer base of over 500 million people. Signup and view all the answers

What is one potential disadvantage of EU membership related to regulations for Irish businesses?

European regulations can increase operational costs for Irish businesses, impacting their competitiveness. Signup and view all the answers

Discuss how Brexit has influenced the economic landscape for Irish exporters.

Brexit creates uncertainty, potentially leading to tariffs and reduced competitiveness for Irish exports to the UK. Signup and view all the answers

What is a fiscal concern for Ireland related to tax harmonization in the EU?

Tax harmonization could reduce Ireland's low corporate tax rate, making it less attractive for foreign direct investment. Signup and view all the answers

How does free movement of labor within the EU create challenges for the housing market in Ireland?

The influx of workers increases demand for housing and rental accommodations, particularly in urban areas. Signup and view all the answers

Study Notes

European Union Overview

The EU is a political and economic union of 27 Member States that facilitates close cooperation in various areas.
Free trade is a core principle among Member States, removing tariffs and trade barriers.
Each member contributes financially and participates in decision-making regarding EU policies and laws.

EU Values and Goals

Promotes peace and stability across the continent.
Aims for improved quality of life for all EU citizens and equitable treatment.
Respects and preserves the diverse languages and cultures within the EU.
Strives for a robust and competitive European economy.

EU Institutions

European Commission: Drafts and proposes legislation.
European Parliament: Discusses proposals and suggests amendments.
Council of the European Union: Makes decisions on EU legislation.
European Council: Defines the EU's overall political direction.
European Court of Auditors: Oversees the EU's financial management.
Court of Justice of the European Union: Ensures EU law is interpreted and applied uniformly.

Deregulation and Competition

Deregulation in Ireland has fostered market competition and reduced protectionism, improving consumer choice and value.
Globalisation challenges local businesses due to competition from multinational companies that offer lower prices.

EU Law Implementation

Regulation: Binding law applicable immediately across all Member States; takes precedence over national laws.
Recommendation: Non-binding advice provided to Member States.
Decision: Binding legal instrument targeted at specific entities or countries.
Directive: Specifies desired outcomes that Member States must achieve, allowing flexibility in implementation.

Role of Special Interest Groups

Special interest groups influence EU policies via lobbying, information campaigns, and public protests.
They play a significant role in the decision-making process, particularly during consultations.

EU Common Policies

Economic and Monetary Union (EMU): 19 of the 27 Member States use the Euro, providing significant advantages such as reduced transaction costs and stable pricing.
Common Agricultural Policy (CAP): Supports agricultural productivity, ensures stable food supply, and promotes fair living standards for farmers.
Common Fisheries Policy (CFP): Manages fishing resources and protects fish stocks, guaranteeing equal access to EU waters for all fishing fleets.
Competition Policy: Ensures fair market competition, protecting smaller businesses and consumers from exploitation.
EU Social Charter: Protects human rights related to employment, welfare, and social protection, ensuring non-discrimination.

Reasons to Stay in the EU

Access to a large single European market promotes trade and economic stability.
Structural funds have financed infrastructure improvements and support for Irish agriculture.
Membership enhances Ireland’s attractiveness for foreign direct investment (FDI).

Reasons to Leave the EU

EU regulations may impose additional costs on businesses and limit national sovereignty.
Brexit creates uncertainty regarding trade relationships, particularly with the UK.
Concerns over housing demand due to increased migration for job opportunities, affecting the housing market.
Potential loss of competitive taxation rates impacting FDI attraction.

Description

Explore the key principles and objectives of the European Union. This quiz covers the economic cooperation, values, and long-term goals shared by its 27 Member States. Test your knowledge on how the EU promotes peace, stability, and prosperity for its citizens.