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13/02/2002
Farren congratulates Republic on Euro changeover
Sean Farren, the SDLP's North Antrim Assembly Member and Minister of Finance and Personnel, has said that the sooner Northern Ireland is fully part of the euro and able to enjoy all its benefits the better it would be for the province.
The Finance Minister was commenting on the end of the punt as legal tender in the Republic of Ireland and on the completion of the change over to the Euro.
Dr Farren said: "At a stroke the Euro has removed the burdensome exchange charges. These charges only added to the cost of goods and services traded between EU states. They had nothing to do with the real cost of goods or services. Such charges were entirely to the benefit of the banks transacting the exchange.
"The transparency that the single currency is bringing to the pricing of goods and services throughout these states will also soon begin to have its effects.
"Consumers will want to know why they have to pay more for the same goods and services in some states and less in others. As a result pricing will become much more competitive across the whole of the Eurozone.
"Here in Northern Ireland the Euro is already a second currency in border areas and will soon become a familiar currency elsewhere. As a result we are gradually becoming part of the Eurozone."
Dr Farren concluded by saying that the smooth change over in the South was an object lesson from which the British government had much to learn for the day when it too decided to enter the Eurozone.
(MB)
The Finance Minister was commenting on the end of the punt as legal tender in the Republic of Ireland and on the completion of the change over to the Euro.
Dr Farren said: "At a stroke the Euro has removed the burdensome exchange charges. These charges only added to the cost of goods and services traded between EU states. They had nothing to do with the real cost of goods or services. Such charges were entirely to the benefit of the banks transacting the exchange.
"The transparency that the single currency is bringing to the pricing of goods and services throughout these states will also soon begin to have its effects.
"Consumers will want to know why they have to pay more for the same goods and services in some states and less in others. As a result pricing will become much more competitive across the whole of the Eurozone.
"Here in Northern Ireland the Euro is already a second currency in border areas and will soon become a familiar currency elsewhere. As a result we are gradually becoming part of the Eurozone."
Dr Farren concluded by saying that the smooth change over in the South was an object lesson from which the British government had much to learn for the day when it too decided to enter the Eurozone.
(MB)
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