Implications for Ireland of EMU 

In dealing with the implications for Ireland of EMU, it is important to make two general points, because it is vital not to ascribe to EMU effects that will arise anyway. The two points are:  

First, the global economic environment is changing fast. This process will continue, and would continue even if EMU had never been thought of. It involves greater globalisation of activity, increasing intensification of competition among all the countries of the world, and increasing technological change.  

Secondly, the formation of EMU marks a substantial change in the economic environment of the Union as a whole. This is true for all Member States: and it is true whether or not they join EMU. In other words, continuation of the status quo is not an option for any Member State. EMU change things even for Member States which do not join it.