Publications
EMU: Ireland's Dream Start - The Political and Economic Impact of EMU on Ireland
For Ireland, the decision to participate in the European Economic and Monetary Union (EMU) without the UK was one of the most important constitutional events since independence. It was also a major and controversial economic policy decision as many Irish economists worried about the economic implications, including the risk of a sudden or large fall in the pound sterling.
This publication examines the circumstances surrounding the decision to enter EMU and considers the argument both for and against Ireland’s participation in EMU. It also examines the impact of EMU on Ireland in the first seven years, and considers its political, economic and financial effects. It compares the actual impact to date to the arguments presented prior to entry into the EMU and all the “what-if” situations put forward.
The paper then looks at the Irish economic situation in the 1990s before proceeding to analyze the economic, financial sector and political outcomes in Ireland of joining the EMU.
The paper concluded that, while the EMU has been a big success for the EU and represents a major advance in European integration, Ireland is one of the first and most prominent examples of a small Member State were the single monetary policy has been inappropriate for its economic circumstances. However, it also finds that EMU participation has enhanced Ireland’s relative influence in the EU.
“This is a thorough and penetrating analysis of how Ireland came to join the Euro. It sheds new light on how much that decision owed to politics, and how little to economics. One inescapable conclusion is that Ireland has still not sufficiently addressed the economic implications of monetary union.”
- Brendan Keenan, Group Business Editor, Independent Newspapers
“The decision to join the Economic and Monetary Union was one of the most important economic decisions ever made by this country. This book tells the story and analyses the impact on Ireland. It accomplishes both tasks brilliantly. For those interesting in the secret of Ireland’s economic success this is an indispensable read.”
- Ruairi Quinn TD, Former Labour Party Leader and Minister for Finance
Price: € 20 (Hard copy)