Ireland Future Issue and Suggestions Research Proposal

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For example, the European Commission is concerned about the possibility of Ireland's deficit going out of control and surpassing the 3% limit that the European Monetary System imposes. In fact, the Department of Finance estimates the deficit will reach 13,3 billion euro, that is 7% of GDP. (Keenan 2008) the introduction of the European Monetary union caused financial shocks in Ireland, affecting especially the nominal interest rates which fell. This had a consequence upon the capacity of the labour market to "absorb immigration" and it will continue to affect employment performance through the diminishment of competitiveness. (Honohan 2005). This, together with the international financial crisis will diminish the country's capacity to attract FDI. As the prices go up, the state is forced to intervene in order to support categories such as the young, the poor, etc. This means a reorganization of the budget with a more socially-oriented perspective. This social programmes ought to be created in a manner which will not create further debts.

Issue IV: Sustainable Development

What Ireland could do in an attempt to diminish the shocks caused by the internal deficit and the consequences of the international crisis is invest in areas such as tourism, the protection of the environment, recycling, etc. The gas and oil resources on the other hand supply more than 22% of the economy's energy requirements.

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Nevertheless, the government might consider investing in alternative energy sources which could also contribute to the protection of the environment. Strategic plans, such as the National Development Plan 2007'2013 and the Strategy for Science, technology and Innovation are a proof that Ireland is investing as much as possible in the resources which have contributed so far to its prosperity. The present actions regarding investments are crucial for the further development of the industries, and therefore for the employment rates and the living standard. In order to better manage the social and economic changes that will be undergone by Europe, the government will have to optimize its policies and support the population and the companies in their efforts to generate continuous growth......

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