JOINING European Monetary Union offers exceptional opportunities for Ireland, according to the president of the Institute of Chartered Accountants in Ireland, Mr Leo O'Donnell.

At the annual dinner of the ICAI in Dublin yesterday, Mr O'Donnell told members he accepted the transition would involve disruption in the Irish economy.

But he said the opportunity to join "the inner core of the European Union offers an exceptional opportunity for Ireland, its people and our economy. It is the logical culmination of the process of closer integration with Europe which we elected to develop when we joined the community in 1973".

A decision to join EMU would be a major act of self belief and national self confidence, he said. Within this "premier league" Ireland could look forward to the economic stability, the higher living standards and social conditions of our more advanced and richer neighbours, as long as we managed our affairs effectively, he said.

Joining EMU would involve "considerable cost for many enterprises and the prospect of trading difficulties for others", he accepted. If Britain did not join in the first phase some of those costs and difficulties would be exacerbated, especially for firms trading in the sterling area, he warned.

But Mr O'Donnell stressed that most of these problems were "short term, one off and manageable". Clear understanding of the issues involved, education and communication about the changes, as well as effective planning at every level of the economy would help to minimise potential difficulties, he suggested.

All of the relevant organisations in the country needed to work closely with Government agencies to ensure this process of change was managed properly, he said.