Northern Ireland has more to gain than any region in the UK if Britain signs up to the single currency, according to the president of the Confederation of British Industry.

Speaking at the CBI Northern Ireland annual lunch in Belfast, Sir Clive Thompson said that because of its close trading links with the Republic, which is joining the first phase, Northern Ireland also has much to lose the longer Britain stays out.

He said although there were obvious risks involved in joining there were also many benefits, most notably that of removing exchange rate volatility.

The euro will also bring other benefits, he said, including a single market of transparent prices and reduced investment risks, leading to more intense competition and greater productivity and output growth.

CBI Northern Ireland chairman Mr Chris Gibson said it was time for Northern Ireland to show once again the self-confidence it had demonstrated in the early years of its existence.