Reliance on sterling `wanes'

The economy is becoming less reliant on sterling as UK firms increasingly invoice in euros, according to Mr Pat MacArdle, a director of Ulster Bank Markets. Mr McArdle also warned

the conference that business across Europe had largely forgotten about the euro and might not be ready for its final introduction in 2002.

According to KPMG, companies inside the euro zone now have the negotiating power to impose their own currency.