Ireland is currently in a state of phenomenal boom, boasting the fastest-growing economy in the European Union, which is one of the best-performing in the industrialised world. This can partially to attributed to the injection of billions of pounds worth of European structural funds and the efficient management of the National Debt.

Between 1993 and 1997, the economy grew by an unprecedented 40 per cent, and the trend has continued with annual growth of around 6 per cent up to 2000. This has led to lower interest rates, significantly lower unemployment and higher standards of living, in addition to spiralling house prices.

Facing 2001, Ireland's unemployment rate is at an all-time low of 3.7 per cent. However, interest rates are rising at a rate which is set to continue. In the summer of 1999, rates were a comfortable 2.5 per cent; in October 2000, rates were 4.75 per cent.

Spiralling inflation and house prices are also of significant concern. Endless disputes over wage increases in the public sector could potentially damage the economy and its rate of growth considerably.

It is estimated that economic growth will continue at its current rate of 10 per cent in 2001 before a gradual levelling off in the next five years to a more sustainable level of 6 - 7 per cent.

As one of the first to satisfy the criteria for the introduction of the euro, the country joined the new European single currency in January. On January 1, 1999 the euro went into use for electronic transfers and for accounting purposes. Euro coins and bills will be issued in 2002, at which time the punt or the Irish pound will cease to be legal tender.

On January 1, 1999, control over Irish monetary policy, including setting interest rates and regulating the money supply, was transferred from the Central Bank of Ireland to the European Central Bank (ECB) which is responsible for all monetary policies of the European Union.

While the term 'Celtic tiger' is used to define the strong booming economy, not all are basking in the affluence. Many suburban areas of the major cities are dogged by cycles of long-term unemployment, where whole generations of families have been without work. Drug addiction, crime and violence blight Dublin life, just as elsewhere in Europe. In addition, it is not uncommon to see homeless young adults and children begging on the streets of the city.

Meanwhile, previously run-down areas have been transformed into popular residential areas, and in rural areas, EU structural funds have vastly improved the infrastructure. Construction is at an all-time high with the most intensive building works taking place in the Dublin area.