Advantages

Disadvantages
1. Reduces Businesses' Costs
1. Non-Euro Countries
UK (non-euro) main trading partner
Exchange rate fluctuations

Monetary Union

2. Economic Control
Can't adjust interest rates
Can't devalue currency
Can't help Ireland specifically

Bank charges
Removes worries about exchange rate
fluctuations
2. Lower Interest Rates

Euro
European Central Bank
(ECB)

Strong currency = lower interest rates

Small countries avail of lower interest rates
Increase investment

3. Increased Competition

3. Price Stability

Price comparisons easier

Find cheapest supplier easier
-Sales, -Profits

Guarantee of price stability

Aim: inflation less than 2%
Ensure costs don't rise
4. Increases Trade
ECB
Manage euro currency
Manage EU monetary policy

Major barrier removed

Selling encouraged
+profits,
+tourism