The Ulster Unionist Party (UUP) deputy leader Mr John Taylor has stated the Republic may come to regret the introduction of the euro. The SDLP has broadly welcomed the new currency while Sinn Fein has called for the harmonising of currencies on the island of Ireland.

Northern Ireland, along with the rest of the UK, remains outside the euro. Mr Taylor said the Dublin Government's decision to introduce the currency was "politically driven and not founded upon sound economic reasons". Mr Sean Farren, the SDLP's economic spokesman, welcomed the new currency, with some reservations, and hoped that the British government would "sooner rather than later" also sign up for the euro.

Dr Dara O'Hagan, Sinn Fein's economic spokesman, said the euro's introduction made the creation of an executive even more necessary "to address the issue of harmonising currencies on the island of Ireland".