This week came news of another Irish high-tech company - this time in the pharmaceutical/bio-tech area - opting to take its first stockmarket listing Stateside.

ICON is to float on Nasdaq and, like the string of Irish companies which have gone before, will no doubt receive a strong reception.

The market for capital is now global and there is no point bemoaning the fact that despite the huge assets available to Irish pension funds, US investors will be the ones to take the first punt on ICON, which plans to subsequently list in Dublin.

The intriguing question, though, is where will small dynamic Irish tech companies be seeking their first quote in five years time. Europe's policymakers are keen, of course, that the supply of venture capital in the euro area be increased and are encouraging vehicles such as EASDAQ, a European version of the US exchange.

The creation of the euro will make or break such initiatives. By bringing down the currency barriers, it will make it much easier for big institutions to invest across national boundaries.

It remains to be seen, though, whether the kind of "punting" mentality prevalent in the US can be transformed to Europe, where Continental institutions have traditionally been more cautious investors and have operated in less-developed equity markets.

Whatever about opportunities for floating equity, it is likely that medium to larger Irish firms will have much greater possibilities in raising debt through corporate bond issues.

Traditionally the Irish market has been too small to support such activity, but in the new euro zone any company big enough to get a rating from one of the agencies should be able to raise debt finances in the euro market.