...countries, Ireland’s economy retracted sharply with the global financial crisis in 2008. They have recovered better than most of the EU but the major economic issue still facing Ireland is the unemployment rate which currently sits at over 14 per cent. Signing this EU treaty will impose tighter fiscal discipline on members by entrenching tougher tax regulations and limiting government spending (Halpin 2012). The overall aim of the treaty is based on the Keynesian theory of using monetary policy to create budget surplus. EU countries will reduce their budget deficits by the strict spending regulations outlined in the treaty. The downside to signing the treaty is the lack of control Ireland will have over the country. The primary avenue for government spending will be limited to tax increases. Ireland has been criticised for having one of the lowest personal and company tax rates in the EU. The benefit of the low corporate tax rate is the large foreign multinational corporations that create employment in Ireland. Increasing taxes could have a negative effect on the economy. If Ireland do not sign the treaty, although they will still be a member of the EU they will not be entitled to further financial assistance from the European Stability Mechanism (ESM) bailout fund which may be an issue. The Government are presently claiming they will not require further bail out. This paper recommends that Ireland does not sign the EU treaty. Ireland should focus in the short term on fiscal...
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...are a number of important factors that allowed this to happen so quickly. Ireland’s membership of alliances such as the E.U. and the O.E.C.D and the directives that were incurred as a result of these memberships. More recently in the Nineties the economy had enjoyed a period of prosperity which was generally accredited to the provision of subsidies to knowledge based industries such as I.T., Financial Sectors and Research & Development. This coupled with a desirable location and a new highly educated workforce. As stated in the department of finances report in 2011 the economy experienced imbalances due to bad auditing systems in the banking and building sectors. “The Irish economy was transformed over the past two decades. Per capita income rose strongly, converging towards and subsequently overtaking European average levels. However, from the early part of the last decade, imbalances began to emerge which made the economy increasingly vulnerable. A major property bubble began to unwind from 2007, and the fall-out from this was exacerbated by the major deterioration in the external environment. As a result, GDP has fallen by around 15% from its peak in Q4 2007.”(Dept of finance, Mar 2011) The nature of jobs is a concept based on a number of variables integral to that employment. The government have become aware of resources the Irish workforce and economy possess that allow it to sustain growth here. The Irish government have now decided to champion Indigenous companies...
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... Irish Cider Association The ICA is a new organisation which aims to build on the great success of its predecessor, the Cider Industry Council - founded over 20 years ago - which transformed the profile of cider in this country for the better. The Association is chaired by Aidan Murphy of Bulmers. Bulmers Irish Cider is produced in Clonmel for the Republic of Ireland by C&C Group and is exported as Magners Irish Cider to more than 25 countries worldwide. Our other members, like Diageo, Richmond Marketing and Barry and Fitzwilliam Ltd provide cider from all over Europe for Irish drinkers and are significant players in the Irish alcohol beverage industry. The ICA’s mission is to strive for an equitable taxation policy for cider and a sustainable, cost effective production environment. We engage in a fact based, inclusive and solution-driven public policy debate. We aim to establish the Irish cider industry in the minds of stakeholders. We show how the cider industry, like other alcohol categories, is dedicated to social responsibility, including responsible drinking. We also show how our industry provides jobs, generates government revenues and is committed to providing comprehensive and comprehendible information to consumers. Company logos and brand logos. BARRY& FITZWILLIAM LTD. PREMIUM DRINKS COMPANY Our business The Irish cider industry consists of manufacturing, import and export activity and is a multi-million euro business. In the last twenty years, cider...
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...ECONOMIC RESEARCH WORKING PAPER SERIES 2011 Ireland’s Sovereign Debt Crisis Karl Whelan, University College Dublin WP11/09 May 2011 UCD SCHOOL OF ECONOMICS UNIVERSITY COLLEGE DUBLIN BELFIELD DUBLIN 4 Ireland’s Sovereign Debt Crisis Karl Whelan University College Dublin 1 May 2011 1 This paper was presented at a workshop on "Life in the Eurozone With or Without Sovereign Default?" that took place at the European University Institute in Florence on April 14, 2011. 1 1. Introduction Among the countries currently experiencing sovereign debt crises, Ireland’s case is perhaps the most dramatic. As recently as 2007, Ireland was seen by many as top of the European class in its economic achievements. Ireland had combined a long period of high economic growth and low unemployment with budget surpluses. The country appeared to be well placed to cope with any economic slowdown as it had a gross debtGDP ratio in 2007 of 25% and a sovereign wealth fund worth about €5000 a head. Fast forward four years and Ireland is shut out of sovereign debt markets and in an EUIMF adjustment programme. Its debt-GDP ratio has soared over 100% and the sovereign wealth fund is effectively gone. In this short paper, I provide a brief review of how this rapid change came about and discuss potential future developments in relation to Ireland’s sovereign debt situation. 2. The Rise and Fall of the Celtic Tiger It is now well known that Ireland’s famed “Celtic Tiger” ended with the collapse...
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...Competitive Advantage Page 57 4 Building Competitive Advantage Enterprise in Ireland over the next decade will operate in a global competitive environment that will be considerably more challenging than in the past. The strengths and experience that we have built up will continue to contribute to the success of enterprise, but companies in Ireland will have to differentiate themselves from their competitors in new ways in order to create sustainable competitive advantage. In the past, Ireland has set a standard for change and growth that is admired around the world and we can continue to do so. The biggest barrier to this is complacency: there is a real danger that enterprise in Ireland will be overtaken by more agile competitors in other countries. Overcoming this complacency and taking decisive action requires a renewed sense of national cohesion, with a commitment to execution throughout the entire enterprise community and the support systems. As outlined in Chapter 3, in the years ahead, our ability to build sustainable enterprise in Ireland will depend critically on a unique combination of: Knowledge of customers and market needs The ability to develop new products and services to satisfy those needs A world-class education and training system that is responsive and flexible and that supplies the skills required by the changing needs of enterprise A competitive taxation regime An effective, agile government system. The first two of these present the greatest...
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...IB Economics – Internal Assessment Coversheet School Code 1339 | Name of SchoolGuangdong Country Garden School | Candidate name | | Candidate number | 001339-0044 | Economics commentary number | COMMENTARY NUMBER 1 | Title of the article | Northern Ireland's new five-pence carrier bag tax | Source of the article | BBC NEWShttp://www.bbc.co.uk/news/uk-northern-ireland-22047872 | Date the article was published | 08/04/2013 | Date the commentary was written | 29/ 12/2013 | Word count (750 words maximum) | 749 words | Section of the syllabus the article relates to (please tick the one that is most relevant) | * Section 1: Microeconomics * Section 2: Macroeconomics * Section 3: International Economics * Section 4: Development Economics | Commentary Number 1 News Article Northern Ireland's new five-pence carrier bag tax 8 April 2013Last updated at 15:37 GMT The Department of the Environment hopes to see an 80% reduction in bag use. The new levy on plastic carrier bags has come into effect in Northern Ireland. Retailers must now charge shoppers at least five pence for each new single-use carrier bag. The proceeds of the tax will be forwarded to the Department of the Environment. The department hopes to see an 80% reduction in the use of carrier bags as a result of the levy. The tax also applies to bags made from paper, plant-based material, or natural starch. The regulations also allow for a range of exemptions on the grounds of hygiene...
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...Consider the arguments for and against this statement. Introduction With the ongoing discussions on universal development for all for sustainable economic growth, countries and regional bodies are focusing on the drivers for local growth within the different economic spheres. An important group for driving growth is local actors as one of the key stakeholders in this process. Ideally these partners should come from the government, private sector, civil society and community groups. This is to enable inclusion of all stakeholders involved and for collective responsibility. Governments mainly have been under pressure to build or realign institutions to function at local level and to create policies for their stakeholders that are inclusive. For the developed countries, focus is on allowing for bottom-up approaches like the Enterprise Zones and Local Enterprise Partnerships while for developing countries with large informal economies and weak institutions, the approaches vary partly due to failed policies in the past and the slow economic growth. On the international scale, development organisations have been tasked with coming up with better ways of dealing with particular regions characteristics to avoid the ‘one size fits all’ approach that previously existed. This has been deemed to be a more effective way of achieving sustainable growth. (UN Habitat, 2009) However the issue around how effective this is and its measurement still remains an enormous uphill task for these...
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...December 10, 2012 The European Sovereign-debt Crisis Throughout history, debt has been an issue and a concern for many countries around the world. Nations borrowing money, unnecessarily spending, corruption, inability to pay back loans and a variety of other factors have contributed to the devastating and lasting effects of monetary absolution. In recent years, some of the most significant and devastating economic occurrences that have taken place were released to the general public. One that has received a great deal of attention is known as the European Sovereign- debt Crisis or the Euro zone crisis. The European Sovereign Debt crisis is an ongoing financial crisis that has made it impossible for some countries in the Europe to repay or refinance their government debt without the assistance of third parties (Wikimedia). Countries across the European Continent are struggling to find ways to cope with the crisis and the impact that it has taken on debt stricken nations. Europe’s politicians, regulators, and market players are trying different approaches to deal with the problems at hand (Bloomberg LLP). Due to the number of countries that are involved this financial crisis is not only affecting these countries but the entire world. The Euro zone crisis had a variety of origins that grew their roots over a course of many years, but the situation was not released to the general public until back in late 2009 when the concerns intensified. Fears of a Sovereign Debt Crisis...
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... Author: Jero R. Marin. September 2013 Introduction Domino´s Pizza Group PLC (DPG) is the UK and Ireland's leading pizza delivery company and holds the master franchise to own, operate and franchise Domino's Pizza stores in these markets and also in Germany and Switzerland. It is a company based in UK and it is totally independent from the US Domino´s Pizza Corp with which it just holds an agreement to use the Domino´s brand name. With a Gross profit margin of 36.6%, a Sales compounded average growth rate in the last 5 years of 15.9%, and a Return on Equity of 48.6% it is worth a thoughtful analysis to determine Finding a company with Durable Competitive Advantage: Domino´s Pizza Group plc whether this company has really a sustainable competitive advantage. The stock performance in recent years has been spectacular after going from 200p in 2009 to...
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...The Irish Economy The Celtic Tiger years were very exciting and prosperous for those who resided in Ireland. There were lots of investments being made, people were very care free about where they put their money as long as there was some sort of short-term profit available. Employment was up from 1.1 million to 1.9 million jobs available, population increased by 15% from 1996 to 2005 and unemployment was at a mere 4.4%. One of the most astounding statistics was that Ireland’s GDP was the second highest per capita in the European Union, during the times of the Celtic Tiger (Dorgan 2006). All seemed as if Ireland was the first success story of the creation of the Eurozone until the crash. After the creation of the Eurozone, the goal was to help struggling economies to use the power of the Eurozone to create growth and during the Celtic Tiger years it seemed to be working. However, the Eurozone was not doing its job of overseeing the activities of the country of Ireland and let it slip through the cracks. After the crash, unemployment soared which was caused by the huge loss of jobs in the construction market and young workers began leaving Ireland again in hopes of finding jobs. As a result, private debt was high and people lost trust in Irish Banks. Any hope of growth in the Irish economy was lost due to high percentages of debt in all sectors including households, financial and non-financial institutions, and within the government. Along with a complete loss of trust in the actions...
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...5309903200059204 03/18 530 685414849 FIN 725 Professor Sharma Guohan.Wang The Debt Crisis of Greece Early October 2009, the Greek government suddenly announced that in 2009 the government budget deficits and public debt as a percentage of GDP was expected to reach 12.7% and 113% respectively, far more than the EU's <stability and growth pact> rules of the upper limit of 3% and 60%. Given the Greek government finances deteriorated significantly, the three major credit rating agencies fitch, standard & poor's and moody's have cut Greece's sovereign credit rating, the debt crisis in Greece officially kicked off. However, when joining the EU, Greece saw himself was far away from the two standards related. This was not a good thing of Greece and the Euro zone. Especially when the euro first came out and then began to depreciate. Greece would then turn to the U.S. investment bank Goldman Sachs for assist. Goldman Sachs then design a set of currency swaps for Greece in order to cover up a sum of up to 1 billion Euros public debt, which made the Greek conform to the standard of Euro members. In addition, Goldman Sachs designed for Greece a variety of ways to accumulate capital and at the same time they did not lead to rising debt. Such as the national lottery and aviation tax income in the future as a mortgage, in exchange for cash. This kind of mortgage now became a sale in statistics instead of debt. In other words, it became the securitization of bank creditor's...
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...The Eurozone crisis (often referred to as the Euro crisis) is an ongoing crisis that has been affecting the countries of the Eurozone since late 2009. It is a combined sovereign debt crisis, a banking crisis and a growth and competitiveness crisis.[8] The crisis made it difficult or impossible for some countries in the euro area to repay or re-finance their government debt without the assistance of third parties. Moreover, banks in the Eurozone are undercapitalized and have faced liquidity problems. Additionally, economic growth is slow in the whole of the Eurozone and is unequally distributed across the member states.[8] In 1992, members of the European Union signed the Maastricht Treaty, under which they pledged to limit their deficit spending and debt levels. However, in the early 2000s, a number of EU member states were failing to stay within the confines of the Maastricht criteria and turned to securitising future government revenues to reduce their debts and/or deficits. Sovereigns sold rights to receive future cash flows, allowing governments to raise funds without violating debt and deficit targets, but sidestepping best practice and ignoring internationally agreed standards.[9] This allowed the sovereigns to mask (or "Enronize") their deficit and debt levels through a combination of techniques, including inconsistent accounting, off-balance-sheet transactions as well as the use of complex currency and credit derivatives structures.[9] From late 2009, fears of...
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...Local Economy http://lec.sagepub.com/ The euro crisis Andrew Jones Local Economy 2011 26: 594 DOI: 10.1177/0269094211421748 The online version of this article can be found at: http://lec.sagepub.com/content/26/6-7/594 Published by: http://www.sagepublications.com On behalf of: London South Bank University Local Economy Policy Unit Partner Organisation: Centre for Local Economic Strategies Additional services and information for Local Economy can be found at: Email Alerts: http://lec.sagepub.com/cgi/alerts Subscriptions: http://lec.sagepub.com/subscriptions Reprints: http://www.sagepub.com/journalsReprints.nav Permissions: http://www.sagepub.com/journalsPermissions.nav Citations: http://lec.sagepub.com/content/26/6-7/594.refs.html >> Version of Record - Nov 17, 2011 What is This? Downloaded from lec.sagepub.com at UNIV OF GUELPH on November 17, 2013 Review article The euro crisis Andrew Jones Local Economy Policy Unit, London South Bank University, UK Local Economy 26(6–7) 594–618 ! The Author(s) 2011 Reprints and permissions: sagepub.co.uk/journalsPermissions.nav DOI: 10.1177/0269094211421748 lec.sagepub.com ´ ˜ Marco Buti, Servaas Deroose, Vıtor Gaspar and Joao Nogueira Martins (eds), The Euro: The First Decade, Cambridge University Press: Cambridge, 2010; 1048pp: ISBN 978-9279098420, £95 (hbk); Roy H. Ginsberg, Demystifying The European Union: The Enduring Logic of Regional Integration (2nd edn), Rowman & Littlefield: Lanham, MD, 2010;...
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...Topic: Heritage management (manage visitors. services. safeguarding built heritage. from tourism point of view Introduction Tourism is a major industry and strong economic vehicle that makes a significant contribution to overall national economy. (Nicolette de Sausmarez, 2007) Tourism for many individuals is about enjoyment and having fun, for governments tourism is generator of important foreign exchange and job creator for allied industries. Tourist industry has a major impact on host country’s civil society and social landscape. Tourism provides economic benefits and influences the local residents in many other ways as well (Oui, 2005). Tourists are exposed to local politics implicitly by being exposed to conditions that are present for local residents. Only countries with safe and stable image draw tourists in abandon, so in other ways increasing levels of tourists imply an endorsements of concerned location’s ambient environment. Political regimes are indirectly bolstered by tourists, therefore tourism not only aids in economic development but for international support of governmental policies (Oui, 2005). In case of a crisis or disaster, economy is disturbed and livelihood of many may be affected. Crisis indicators may be useful in highlighting areas of concern and minimize affects on tourism. The damage to tourist destination may be substantial, as in the case of SARS outbreak or Bali bombings and full recovery may take a significant time and effort. Crisis...
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...Topic: Heritage management (manage visitors. services. safeguarding built heritage. from tourism point of view Introduction Tourism is a major industry and strong economic vehicle that makes a significant contribution to overall national economy. (Nicolette de Sausmarez, 2007) Tourism for many individuals is about enjoyment and having fun, for governments tourism is generator of important foreign exchange and job creator for allied industries. Tourist industry has a major impact on host country’s civil society and social landscape. Tourism provides economic benefits and influences the local residents in many other ways as well (Oui, 2005). Tourists are exposed to local politics implicitly by being exposed to conditions that are present for local residents. Only countries with safe and stable image draw tourists in abandon, so in other ways increasing levels of tourists imply an endorsements of concerned location’s ambient environment. Political regimes are indirectly bolstered by tourists, therefore tourism not only aids in economic development but for international support of governmental policies (Oui, 2005). In case of a crisis or disaster, economy is disturbed and livelihood of many may be affected. Crisis indicators may be useful in highlighting areas of concern and minimize affects on tourism. The damage to tourist destination may be substantial, as in the case of SARS outbreak or Bali bombings and full recovery may take a significant time and effort. Crisis management...
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