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EU PROs and CONs - Coggle Diagram
EU PROs and CONs
EU Legislation
Directive-law applies to all countries. Must be implemented. E.g Consumer Rights Directive
Regulation-Law Immediately.No implementation measures
Recommendation-Not Legally Binding
Decision-Are binding to those its addressed to.E.g Ireland and Apple
Benefits
Single Market-500 m
Single currency- greater oppurtunities
ERDF + Cohesion Fund
Improved Agriculture-better standard of living
Improvements in Education- funds projects
Improvement for Irish Consumers-wider range and lower prices
Economies of scale- huge market
Employment opportunities- more attractive for FDIs
Environmental Improvements
Drawbacks
Decision Making-heavily regulated
Transparency Issues-larger countries sway politics
Increased Competition-hard o compete
Single Currency-Irish Exports more expensive
Brexit-reduce economic growth
Oppurtunities
Enlargement- countries always joining
Improve institutions - simplify procedures
EMU expansions - Eurozone
Budgetary Reform
Challenges
Countries leaving- Brexit
Corporation tax-pressure on ireland to increase the tax
Migration challenge-influx of migrants
Climate Change
Global Pandemic- Covid-19=unemployment