The JP Morgan EMU calculator shows little changes in investors' expectations of EMU membership in recent weeks. While the Irish rating has slipped slightly to 57 per cent, the trend in the index over the year shows that Ireland's rating can move in a fairly volatile fashion.

The calculator reflects the market view that a wide group will move forward to monetary union, as reflected by the high rating for states such as Italy and Spain.

The calculator is based on the forward interest rate swaps market, in which investors swap future floating-rate interest payments for fixed-rate ones.