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07/01/2002
Changeover to the euro will have widespread effects on NI businesses
The Republic of Ireland has joined the new European currency revolution by exchanging the Irish Punt for the euro, but what will this mean for Northern Ireland businesses?
Businesses on both sides of the border are busy coming to terms with the currency changes, but it is only now becoming clear how drastic the changes will really be.
The first question is whether Northern Ireland will be forced to become a dual-currency society or whether the use of the euro will be mainly restricted to border towns. Andrew Dearey, who runs a family department store in Dundalk in the Republic of Ireland, believes that towns on both sides of the border will have no problems in dealing with the new currency: "Towns both north and south of the border have been used to dealing with two currencies for a long, long time. So it's just a new currency for both of us and in no way is it a problem."
Other traders in Newry believe that it won't take long for the rest of Northern Ireland to begin trading equally in both sterling and euros as "euro creep" progresses further into Northern Ireland, most of the towns will set themselves up and be prepared for the euro.
Some people, of course, fear that traders in the north will be forced to reduce prices in order to compete with traders in the Republic. However, most traders believe that this will not happen due to the strong pound. With most of the materials and goods coming from Europe retailers can buy well and, therefore, sell competitively.
On a more positive note, the introduction of the euro in the UK would almost certainly increase cross-border trade and commerce between the Republic and Northern Ireland with people from both north and south more prepared to travel for a bargain. (KMcA)
Businesses on both sides of the border are busy coming to terms with the currency changes, but it is only now becoming clear how drastic the changes will really be.
The first question is whether Northern Ireland will be forced to become a dual-currency society or whether the use of the euro will be mainly restricted to border towns. Andrew Dearey, who runs a family department store in Dundalk in the Republic of Ireland, believes that towns on both sides of the border will have no problems in dealing with the new currency: "Towns both north and south of the border have been used to dealing with two currencies for a long, long time. So it's just a new currency for both of us and in no way is it a problem."
Other traders in Newry believe that it won't take long for the rest of Northern Ireland to begin trading equally in both sterling and euros as "euro creep" progresses further into Northern Ireland, most of the towns will set themselves up and be prepared for the euro.
Some people, of course, fear that traders in the north will be forced to reduce prices in order to compete with traders in the Republic. However, most traders believe that this will not happen due to the strong pound. With most of the materials and goods coming from Europe retailers can buy well and, therefore, sell competitively.
On a more positive note, the introduction of the euro in the UK would almost certainly increase cross-border trade and commerce between the Republic and Northern Ireland with people from both north and south more prepared to travel for a bargain. (KMcA)
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