THE J P Morgan calculator shows stability in market expectations about Ireland joining European Monetary Union, despite the volatility on interest rates and currency markets over the past week.

According to the J P Morgan calculator, Ireland has a 56 per cent chance of joining monetary union, down slightly from a week earlier.

Britain's chances, however, have increased dramatically following Labour's landslide victory last week.

The new British government quickly moved closer to the Maastricht Treaty, agreeing to sign the Social Chapter and taking steps towards an independent central bank, putting a possible entry into monetary union back on to the agenda.