The Government should not enter join the single currency at an exchange rate above our current ERM central rate, the IFA president, Mr John Donnelly, has said.

Mr Donnelly's comments come before the beginning of today's informal EU finance ministers' meeting in Luxembourg.

Mr Donnelly said it was clear that "all other prospective members of the single currency will lock into the euro at their present central rates". He said it was time for the Minister for Finance, Mr McCreevy, to say that revaluation was not on the Government's agenda. "To revalue now would erode the future competitiveness of our industry, agriculture and tourism."