THERE is a disturbing lack of preparation for EMU across much of Irish business, according to Mr Howard Kilroy, governor of the Bank of Ireland. He attributed this partly to the continuing scepticism in some quarters that the Maastricht timetable would be adhered to.
Speaking at the Leinster Society of Chartered Accountants lunch, he noted that euro-related expenditures in the Bank of Ireland were already substantial and "I have no doubt that our competitor banks are in a similar situation".
The Bank of Ireland, he added had concluded "that the likely cost of a lack of adequate preparation is considerably greater than any investment we might make now which subsequently proved to be unnecessary". The dilemma for businesses, he argued, was that preparation involved cost.
He described the EMU as the "most dramatic watershed" for Ireland in economic terms since the State was established.
He suspected many in Ireland viewed the behaviour of Britain within the EU "as they would a spoilt child who continually disrupts an otherwise happy family". The new Labour government appeared to have a "much more open mind and a less jingoistic attitude to Europe" but he opined this did not seem likely to be translated into first phase membership of EMU.
He said it would be unthinkable for Ireland to spurn its advances at this point. "We are wedded to Europe. It has given us a political voice out of all proportion to our size. It has made us attractive to foreign investors and has been the catalyst which has allowed us to realise our economic potential and to make productive use of our people.
