Access to core Euro markets making it very attractive for mainly US multinationals to locate here without exchange risk.

Exchange rate risk is generally overrated.

Much lower inflation and interest rates a la Deutschmark

The latter is a decision the CB can make on its own, the former is not a good thing.

Much greater exchange rate stability and reduced exchange risks generally. (Remember, it is possible for a medium sized shadow bank, hedge fund or venture capitalist to totally game a small currency like the punt - and almost impossible for an Irish central bank to counter such relatively large scale manipulation).

This is a governance problem. You can always protect yourself against unwanted appreciation, and you can always protect yourself against unmerited depreciation. Because depreciation just for the sake of it requires somebody to naked short your currency, and the CB has final authority over who gets to naked short your currency. All it takes is the political will to screw over the hedge fundies.

And if the depreciation is merited by the state of the foreign account, then you don't want to defend against it in the first place.

Greater integration with "strong" economies like Germany and reduced dependency on the UK.

Would have been a real benefit, if Germany hadn't bought a one-way ticket to the crazy-train.

A mistrust of the ability of the Irish Government to manage an Irish currency independently and in the interests of the Irish people as opposed to influential financial sector interests. Rightly or wrongly, people were more inclined to trust Germany not to debase their currency.

Because obviously inflation is Ireland's big problem...

- Jake

Friends come and go. Enemies accumulate.