Some pragmatic reasoning for Ireland to enter monetary union at the current central ERM rate of DM2.41 has been advanced by Avonmore/Waterford managing director, Mr Pat O'Neill.

"I'm a great fan of the euro, it will benefit those of us involved in trade and the country if we enter at the right rate." At 2.41, "we would be very well-positioned competitively".

In Mr O'Neill's view the "last thing we want is a revaluation of the pound to DM2.55 or DM2.60".