SDLP back move towards adoption of euro

The Finance Minister Dr Sean Farren has welcomed the strong indication that the Labour government may be moving closer to recommending entry into the Eurozone.

Dr Farren said: “The SDLP has long been committed to the Euro and believes that Northern Ireland increasingly loses out the longer we remain outside the Eurozone.

"We have seen the success with which the Euro has been introduced by 12 of the EU states and already the Euro is becoming a common currency in many border towns. As the tourist season advances many other parts of Northern Ireland will also become very familiar with the new currency.

"Businesses trading with the South and with other Eurozone states are also adjusting to the Euro. By remaining outside the zone unnecessary exchange charges continue to add costs to goods and services. Taken with the overall value of sterling this makes trading with Eurozone countries more costly than it would be if we were within the Eurozone. The sooner the decision is taken to recommend that we adopt the Euro the better it will be for our trade and business.”

However, the revelation on a possible imminent euro move by Downing Street has been denied amid a furore surrounding a disclosure in lobby by Transport Secretary Stephen Byers that a referendum on the issue may be pending.

In a statement issued by Downing Street it was claimed that there would be no change in government policy until five established tests set by the Treasury department were met.

The off-the-record remarks by Stephen Byers have whipped up intense speculation that the Labour government may be preparing to soften if not change its stance on the single European currency.

(SP)