More EU business billing in euros

More than a quarter of euro zone businesses have already billed customers in euros, while in Belgium two-thirds of firms exporting more than 10 per cent of their production have done so.

With the euro about to celebrate its first birthday, evidence of its increasing use by businesses and public administrations was yesterday published by the European Commission.

The report shows that while all taxes may be paid in euros, Ireland reported that only 1 per cent of import and 2.5 per cent of export declarations were in euros.

Three per cent of businesses paid their taxes in euros, overwhelmingly large firms, while only 1 per cent had converted their accounts to euros.

Some 23 per cent of Irish firms said they had received, and 15 per cent have made, payments in euros. In July, 21 per cent said they had billed or offered goods in euros with a further 14 per cent saying they wanted to do so by the end of the year. Forty-four per cent say they had received bills in euros.

On average throughout the euro zone, 2 per cent of payments are made in euros while the figure rises to between 30 and 36 per cent of German international payments. Even in Britain, the figure is estimated at 1 per cent for all, and 8 per cent for international, payments. Some 15 per cent of British firms have carried out at least one euro transaction.

On double-pricing, French hypermarkets lead the league at 87 per cent while 90 per cent of Luxembourg businesses have declared officially a willingness to trade in euros.