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 17 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
country using the euro;US Co.’s set up here to have access to EU markets.
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 Ireland?
• 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 Eurozone• Austria• Belgium• Cyprus• Estonia• Finland• France• Germany• Greece
• Ireland• Italy• Luxemburg• Malta• Netherlands (Holland)• Portugal• Slovakia• Slovenia• Spain
The other 12 EU member states
• Bulgaria: Le• Czech Rep: Czech
Crown• Denmark: Krone• Hungary: Forint
• Latvia:Lats• Lithuania: Litas• Poland: Zloty • Romania: Leu• 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 by the buy rate.