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Unemployment In Ireland Essay

Ireland Economic Crisis Essay

The Euro zone crisis has impacted many countries such as Ireland, Portugal, Italy, Spain and Greece. Many say the Euro zone crisis was triggered as a result of the initial Global Financial Crisis that started in the United States in 2008. However, these countries, and Ireland in particular, would not have been sent into a recession if their own economies and debt were in order. Ireland was the first state in the eurozone to declare tit’s entrance into a recession.. However, on November 29, 2010 the European Union, the International Monetary Fund and the Irish state agreed to a €85 billion rescue deal for Ireland, but there were certain policies Ireland had to implement in order to receive it. The question left to be answered is whether these policies and conditions have actually helped Ireland dispose of their financial hardships or at least recover to the point of economic and political stability. As of 2013, Ireland is on track to leave the bailout program in December.
The period of high economic growth rate in Ireland was between 1995 and 2002. It was named the period of the Celtic Tiger and it contained increasing productivity in Ireland, a very strong fiscal position of the Irish state was a low unemployment rate fell of around 4% “("Ireland's Economic Crisis: How Did It Happen and What Is Being Done about It?"). However, not long after, from 2002 onwards, the boom Ireland was experiencing had begun to shift. Initially triggered by the global financial crisis of 2008, Ireland was in trouble. For example, “labor productivity was no longer increasing, inflation was high and growth in GDP became related to the housing market” ("Ireland's Economic Crisis: How Did It Happen and What Is Being Done about It?"). While at this point the state appeared strong, this was not the case because most of the revenue the state took it was related to the property market. Property related revenues included capital gains tax, a large amount of VAT paid by developers and income tax paid by workers in a very large construction sector. The tax base was very dependent on the housing boom.
However, even with trouble on the horizon due to the housing market, Ireland did not take any action and continued funding expensive capital projects, increasing public expenditure and they rose spending in many other areas. This, along with the fact that the balance sheets of the Irish grew large relative to the size of the economy, was damaging when the housing bubble finally bust.
Thus, when the housing market finally reached its peak in 2007, the tax revenues began to decline dramatically because they were strongly based on the capital gains tax, the VAT paid by developers and the income tax of construction workers. Thus, with the fall of the real estate ,market, new home completions fell, and by 2008, Ireland experienced its first significant increase in unemployment in 15 years ("Ireland's Economic Crisis: How Did It Happen and What Is Being Done about It?"). In...

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Regional Integration Ireland and the European Union First let us look at (regional economic integration). The (REI) “Agreements among countries in a geographic region are to reduce and ultimately remove tariff and nontariff barriers to the free flow of goods, services, and factors of production between each other”(allvoslog 2009) Pro Integration for Ireland Irelands experience with regional integration is the history of the involvement between Ireland and the E.U. In January of 1973 Ireland joined the EEC and participated in all the economic, monetary, and social programs. Many of the programs that came about by the integration are; common agricultural policies break with estg 1979, European social…show more content…

These agreements have allowed these Micro states to use the currency within their own boarders, and the European Central Bank has little complaint with the spread of the currency outside of the E.U specifically due to the increase in power the currency creates as it is adopted worldwide. Ireland at the current moment is struggling with the employment rates hitting an all time low, as of September of 2010 the rates listed at 14.1% and rising, (euro stat Google). These rates of unemployment have hit a 16 year high (USA TODAY), however a recent dip in the recession has given a slight light of hope for a more productive country, all the while Integration has had a major impact on this by assisting countries reactively sending manufacturing over to Ireland with the promise and removal of all tariffs. (Hill 2007)

Anti Integration for Ireland The growing amount of citizens collecting state benefits for unemployment has increased 1.2% up to a new all-time high of 437,922. The number that includes residents in part-time work who continue to be eligible for unemployment has gone down from Ireland's prior record high of 437,000. When Ireland had suffered double-digit unemployment in the 1990s, the country labor force was a third smaller than its current level of 2 million. “Ireland's work force

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