Remarks by An Tánaiste, Mary Harney TD,Minister for Enterprise, Trade and Employment at the Loughrea Euro Town Project Lunchwith guest of honour EU Commissioner Pedro Solbesin Loughrea on Monday 19th February 2001

'The information and advice that has been developed from the Loughrea Euro Town project will be of major practical benefit, especially to SMEs.

'I am pleased to see that the conclusion from the Loughrea project is that euro changeover can be achieved quite easily and cost-effectively, if the issues are identified early.

'I would like to pay tribute to the Loughrea Euro Town project originators, who are members of the local Chamber of Commerce, the local participants who embraced the project with enthusiasm and the Project Manager, Michael Callaly. They have made an important contribution to Ireland's changeover process.

'Smaller businesses do not have the same level of resources as larger ones to identify and tackle changeover issues. Knowing the solutions developed by similar businesses in Loughrea will certainly make the job easier.'

The impact of the project has extended beyond Ireland. Through the web-site and some international publications, the progress of euro changeover in Loughrea has been monitored in other countries.

'Achieving Economic and Monetary Union on 1st January 1999 has been one of the most remarkable achievements of the European Union. We are already enjoying the benefits of lower interest rates from the euro. The introduction of notes and coins by this time next year will be highly significant. For most people, the euro will then become real.

'It is of great importance for our long-term economic and social development that Irish business takes full advantage of the opportunities that arise from EMU.

'It is also of great importance that consumers should see the benefits coming from transparent pricing of products across the euro-zone.'

'Ireland is fully engaged in Economic and Monetary Union, the completion of the single market, and enlargement of the Union to achieve a continent of peace, freedom and prosperity.

‘The euro is our currency, the European Union is our Union, the continent is our continent. The goals of Economic and Monetary Union are our goals. All the people of the Union, from Ireland to Greece, will benefit from the achievement of free movement of people, products and services.

‘The goal of a stable European economy, a stable currency and economic growth is clearly advanced by the process of economic co-ordination and peer review by Member States with the Commission. This is essential to go alongside the euro, which is managed by the independent European Central Bank.

‘The Irish Government values the peer review process and the elaboration of Broad Economic Policy Guidelines. In this process, Member States and the Commission comment on each other's policies for the purpose of seeing that all our people benefit from economic stability and growth. We comment on policies in other Member States and they comment on ours.

‘The differences in the last month over whether Ireland was adhering to one part of the Broad Economic Policy Guidelines was unfortunate. There will always be differing views from time to time among Member States and between the Member States and the Commission. Mature relationships within our Union can accommodate these differences of opinion. These differences don't in any sense call into question our shared commitments or the value of the processes we have put in place to achieve our shared goals.

‘Of course, there are other important Broad Economic Policy Guidelines for Ireland where there is no disagreement at all: liberalising product and capital markets, encouraging labour force participation and labour mobility.

‘It is now time to move on together on the wide range of our shared goals, which include, as a priority, economic stability and low inflation in Ireland and throughout the European Union.

‘I very much welcome in that context Commissioner Solbes' affirmation that the disagreement of recent weeks will have no effect on other areas of Ireland's relationships in the EU.'