Firms told to be euro sensitive

Businesses must concentrate on the practical considerations of introducing euro notes and coins, Mr John Beggs, chief economist, AIB Group Treasury, said yesterday, writes Ciaran Brennan.

To date, businesses have focused on the external aspect of the euro, such as the sterling and dollar exchange rates, he said. They must begin to refocus on the euro and the demands and opportunities it would bring, he added.

"The conversion rate is irrevocable. Irish firms should think beyond the external value of the euro and concentrate on the market of almost 300 million which will open up next year," he said.

Mr Beggs was speaking at the "3 Big Es for Business", a business seminar focusing on providing owners/managers with practical information and advice on the three biggest challenges facing Irish businesses - the euro, e-business and employee recruitment and retention.

Delegates heard that IT would transform how businesses buy, produce and sell over the next five years. Using the Internet could benefit every aspect of business, such as communication with customers and suppliers, marketing and staff recruitment, delegates were told.