The building and construction sector would experience the greatest increase in employment. At present Ireland s interest rates and inflation are determined largely by external conditions. No national government has total control over its economy today. Even the most powerful economies are subject to the impact of outside forces. The world has become interdependent and the world economy is complex and volatile.
Smaller countries have even less control than larger countries.
For example, German interest rates largely determine interest rates in other European countries. This is because of the size and strength of the German economy. With a single currency, Ireland will actually have more influence over monetary policy than it has today. The tasks of the ECSB will be to implement monetary policy, and to manage the foreign reserves of euro members. The Irish Central Bank will act as the operating arm of the European Central Bank in Ireland and will continue its role as the bankers bank .