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Introduction

The history of Ireland’s monetary union stems largely from Ireland’s struggle for independence from Great Britain. During the past 100 years Ireland has managed to evolve from a country that relied on its largely agrarian background to an independent open industrial economy. This trend has rapidly increased and changed further over the past few decades with the Irish economy moving away from traditional manufacturing to a country that is now more focused on the service sector and in particular the hi-tech industry. In 1973, Ireland took another important step towards its economic independence by joining the European Community, now known as the European Union (EU). The establishment of the European Community had its origins in the movement for closer htmleconomic and political unity in Western Europe in the aftermath of the Second World War. The huge problems which faced the countries of Western Europe after the war, is the destruction of their economies and the disruption of their social and political systems-brought the realization that their solution would not be found in national measures alone. A sense of common purpose grew from the need to solve these problems. New forms of cooperation were sought which would replace the division of the past and ensure peace and successfulness in Europe for the future. For Ireland,https://www.mingxinwrite.com/EC really is an attractive Community. To begin with, the EC is one of the fastest growing major economic areas of the world. In the secondly place, the very high rate of growth in the Community has been accompanied by low unemployment and great improvements in standards of living. Then the Community has become the world’s most significant trading area. Moreover, the prosperity of the Community has enabled it and the Member State to undertake major responsibilities and commitments in respect of the developing countries.