Pearson launches NI euro preparation body

Northern Ireland’s Minister for Europe, Ian Pearson, today chaired the first meeting of the Northern Ireland Standing Committee on Euro Preparations (NIEPC) in Belfast.

The establishment of the Committee is part of the Government’s stepping up of preparatory work for potential UK membership of the Euro, as announced by the Chancellor of the Exchequer on 9 June.

The Committee has representatives from the private, public and voluntary sectors in Northern Ireland along with HM Treasury.

Commenting on the inaugural meeting, Mr Pearson said: “I was delighted to chair today’s meeting which brings together representatives from the full spectrum of economic life in Northern Ireland.

“Given the Government’s commitment to the principle of joining the single currency when the timing is right, it is important that all sectors of the economy across the UK make the necessary preparations to ensure a smooth transition.

“Following today’s meeting, the Committee will be consulting with organisations and interest groups before reporting back to the next meeting which it is hoped will take place before the end of the year.

“We can learn from the experience of the Republic of Ireland in moving to the Euro and also from the experience of traders along the border who trade in both Sterling and the Euro on a daily basis.”

The NIEPC will oversee preparations in Northern Ireland and formulate Northern Ireland’s response to the proposals set out in Gordon Brown’s National Changeover Plan, published by the Treasury on 9 June.

The Secretary of State for Northern Ireland, Paul Murphy is a member of the UK Standing Committee on Euro Preparations, which oversees the UK-wide preparations. Committees have also been established in Scotland and Wales.

(MB)