The falling euro is expected to boost exports and tourism in the South. The euro’s declining value against both sterling and the dollar is a considerable boost to exporters.
The euro is close to parity now with the American currency and is running at near £0.71 in mid-march.
The €1.1 trillion quantitative easing(QE) program embarked upon by the ECB is one of the factors driving the European currency so low. The euro’s weakness provides a big advantage to major Irish food exporters who are strong in the British market.
The weak euro is conversely perceived as a threat to the Northern Ireland agri-food sector sector, with export-led growth being hit by its weakness against sterling. Where there’s an up, there’s a down.
The slide down for the euro is expected to continue over the year with the ongoing QE programme.
