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. - The structure, role and policies of the European Central Bank. - Inflation and interest rate determination in the Eurozone. - National fiscal policies and the Growth and Stability Pact. - Economic adjustment to economic shocks in a monetary union. - The relative underperformance of the Eurozone economy in comparison with the United States.

The concluding chapters review recent Irish experience: - The rapid growth of the economy during the ‘Celtic Tiger’ period, especially the exceptional performance of the Irish labour market. - The recent economic slowdown. - The medium-term prospects facing the Irish economy as a member of the Eurozone.