This title is intended to provide readers with a framework to help them understand how the Irish economy functions as a member of the Eurozone. Among the topics discussed are: basic macroeconomic principles; open economy macroeconomic models; the role of fiscal, monetary, exchange rate, and income policies; the history of the European Monetary System and how it evolved into the Eurozone; the costs and benefits of participating in European Monetary Union (EMU) for Ireland and other member states; and the structure, role and policies of the European Central Bank. Inflation and interest rate determination in the Eurozone and national fiscal policies; the Growth and Stability Pact; economic adjustment to economic shocks in a monetary union; and the relative underperformance of the Eurozone economy in comparison with the United States is also discussed. The concluding chapters review recent Irish experience, including the rapid growth of the economy during the "Celtic Tiger" period, especially the exceptional performance of the Irish labour market; the economic slowdown and the medium-term prospects facing the Irish economy as a member of the Eurozone