The weakness of the euro is a huge boon for Irish exporters as well as many retailers. However, Irish holidaymakers are not as fortunate if travelling to destinations outside the 11 countries of the euro zone.

The weak euro gives Irish exporters a large advantage over their UK counterparts and makes it much easier for them to set really competitive prices. At the same time it offers Northern Irish and British consumers major advantages in visiting Irish shops.

British and Northern Irish consumers now effectively have a 20 per cent discount when shopping in this State compared with the situation just a couple of years ago when sterling and the pound were at parity. This should make it easy for returning emigrants this Christmas who should find prices quite reasonable.

The same applies for exporters who can effectively undercut UK counterparts by up to 20 per cent, if they can source their materials from within the euro zone.

Even some traditional goods such as luxury cars, which are generally cheaper in the UK, are now significantly less expensive in the Republic when the exchange rate difference and lower pre-tax prices are taken into account. Some Dublin luxury motor retailers report growing numbers of people importing BMWs and other cars into the UK.

In addition many garages and other shops, particularly those close to the Border, have been doing very well in recent years while their counterparts across the Border have been complaining bitterly.

The other side of the coin is the additional expense facing Irish people going on holidays to Britain or the US or indeed most other countries outside the euro zone.

The surprising thing is that not all Irish exporters have been taking advantage of their current competitive advantage. According to Mr John Whelan, chief executive of the Irish Exporters' Association, indigenous companies only increased their exports by 5 per cent last year. That compares with an increase of some 37 per cent for the multi-national sector.

Mr Whelan says the association has set up special clubs to encourage indigenous companies to export more and to help them with it. "The companies should be making hay while the sun shines. They may find that the going is never as good again," he adds.

"It is certainly a good idea to try and build up a dominant brand position now that will be able to weather the storm when sterling does eventually fall again and the euro strengthens.

"Green Isle has managed that with Goodfellas pizza which is now very dominant and other companies could follow suit."