Ireland should postpone its membership of monetary union, according to Green MEP, Ms Patricia Mckenna. Ms McKenna said the results of a recent survey, which showed that only 5 per cent of small firms are well informed about the single currency, underlined the danger of rushing into the project.

She added that because monetary union will have far reaching consequences for Ireland, the Irish people ought to be consulted about it through a referendum.

"Objective information, dealing with the pros and cons of membership should be widely circulated so that the voters can make an informed choice," she said.

According to Ms McKenna, the survey by Ulster Bank and the Small Firms Association is not the first to find that the business community is poorly informed about monetary union. In April last year Forfas found that most Irish companies had yet to make detailed preparations.

"The merits of the whole project are debatable," she said. "But if we must join, measures need to be taken to cushion us from the likely blows of major price rises and job losses. But how can this be done if Irish businesses know very little about the project?," she asked.