Newly published research has found that European small business is failing to take advantage of the international opportunities the Internet offers. The research conducted by Compaq and Novell found that more than half the 1,035 small companies interviewed have a website selling on a global basis, but only 42 per cent are conducting business outside the borders of their own country.

Meanwhile, countries which have not adopted the euro, including Britain, Poland and Norway, were identified in the research as lagging behind in their preparations for euro readiness. In Britain only 39 per cent of businesses have upgraded their systems, even though 52 per cent of those surveyed sell outside their domestic market.

According to Mr Kasper Rorsted, vice-president of Compaq for Europe, the Middle East and Africa: "Many of these companies view the euro as an operational issue rather than as a potential market opportunity."