Will membership in the Economic and Monetary Union (EMU) have an effect on employment?
Will any new jobs be created or will there be stiffer competition for jobs?
EMU creates a framework for supporting growth and employment, but it is not a direct source of employment. However, one main benefit of EMU is that it avoids the damage inflicted on the employment market by currency disturbances. Furthermore, participation in EMU results in a fall in interest rates to be paid on loans. This, in turn, encourages the expansion of businesses and facilitates growth - two important factors in the creation of new jobs.