THE removal of exchange rate costs to monetary union could represent annual savings of up to £200 million a year to Irish companies trading in Europe, according to the Minister for Tourism and Trade, Mr Kenny, who was speaking at the a.g.m. of the Chambers of Commerce of Ireland in Westport at the weekend.

"Ireland is well placed to be a founder member of EMU and monetary union will give those exporters who are properly prepared a major boost," the Minister said.