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.