THE lack of debate on monetary union is irresponsible, according to the Irish Small and Medium Enterprises Association. The association has warned that there is a real risk to Irish jobs if Britain fails to join the single currency. Mr Frank Mulcahy, the association's chief executive, called for a proper debate on EMU, which has so far "been stifled by official Ireland".

According to Mr Mulcahy, the UK attitude to monetary union might not matter too much if sterling were not a volatile currency. The UK accounts for one third of our total trade and half of our tourists come from there. "Our competitiveness with Britain therefore determines the future of many Irish jobs, particularly in the low cost, labour intensive industries". Mr Mulcahy also stressed that 70 per cent of the exports from the indigenous sector are dependent on the UK and our biggest competitor on the domestic market is UK products.