When the euro project was first mooted, one of the first fears to be laid to rest was that it would produce a repeat of the decimalisation rip-off when the public became the victims of a general move to use the changeover process to raise real prices.

This time around, we were assured, the same would not happen and, indeed, there have been efforts to persuade retailers to commit themselves to a straight transfer of prices when the euro enters people's pockets in January.

This week, the Taoiseach, Bertie Ahern, called on the social partners not to use the changeover as an opportunity to put up prices.

Yet, recently, word from the Director of Consumer Affairs, Carmel Foley, indicated that the reassurances are little more than meaningless platitudes.

It now appears there is little anyone can do to force retailers to play fair by consumers. And Mr Duisenberg et al think their only problem is the exchange rate and inflation . . .

dcoyle@irish-times.ie