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When Ireland was assessed again in April 2013, it was, however, deemed no longer to be an outlier, due to posting a long-term interest rate average only 1.59 percentage points above the eurozone average – while also having regained complete access to the financial lending markets for the last 1.5 month of the assessment period. [15]
Ireland joined the UK in adopting this opt-out to keep their border with Northern Ireland open via the Common Travel Area (CTA). [1] [12] [13] Prior to the renewal of the CTA in 2011, when the British government was proposing that passports be required for Irish citizens to enter the UK, [14] there were calls for Ireland to join the Schengen ...
Despite the claims by analysts abroad and in Greece [34] that the referendum might open the way for Greece's withdrawal from the Eurozone, and despite polls showing that Greek citizens would prefer keeping the common currency "at all costs," [35] [36] the referendum, conducted on 5 July 2015, returned a result of 61.3% for "No" and 38.7% for "Yes."
In 1998, eleven member states of the European Union had met the euro convergence criteria, and the eurozone came into existence with the official launch of the euro (alongside national currencies) on 1 January 1999 in those countries: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain ...
Several eurozone member states (namely Greece, Italy, Portugal, Ireland, and Cyprus) were unable to repay or refinance their government debt or to bail out fragile banks under their national supervision without the assistance of other eurozone countries, the European Central Bank (ECB), or the International Monetary Fund (IMF).
[41] [47] German economist Hans-Werner Sinn noted in 2012 that Ireland was the only country that had implemented relative wage moderation in the last five years, which helped decrease its relative price/wage levels by 16%. Greece would need to bring this figure down by 31%, effectively reaching the level of Turkey.
Countries began to withdraw from eurozone assistance programs (Ireland in December 2013, [18] Spain in January 2014, [19] Portugal in May 2014 [20]). Despite these improvements, the crisis resurfaced in January 2015, when Alexis Tsipras and the left-wing SYRIZA party were elected in Greece on the promise of ending austerity while remaining in ...
The enlargement of the eurozone is an ongoing process within the European Union (EU).All member states of the European Union, except Denmark which negotiated an opt-out from the provisions, are obliged to adopt the euro as their sole currency once they meet the criteria, which include: complying with the debt and deficit criteria outlined by the Stability and Growth Pact, keeping inflation and ...