IRELAND'S chances of joining monetary union have increased again this week, according to investment bank J P Morgan. The markets have taken the view that more countries are likely to join the single currency after the Germans announced plans to revalue its gold.

Any fudging of this kind by the Germans is seen as making it more difficult for them to bar other countries from participating.

Ireland now has a 77 per cent chance of joining from 70 per cent a week ago. This is still less likely than Portugal, Spain and Finland but more likely than the Italians.

J P Morgan measures the market's expectations for the likely participants in monetary union using the interest rate swaps market.