Irish prices now 12% above EU average : Central Bank

Adverse swings in the euro exchange rate remain a major risk to competitiveness, requiring a high degree of flexibility on the part of the Irish business sector, the Central Bank warned today.

Since joining European Monetary Union in 1999, Ireland's competitiveness has disimproved by 14%, according to today's Quarterly Bulletin for Winter 2003, released by the ICB and Financial Services Authority of Ireland.