The National Competitiveness Council has called for immediate action from Irish businesses to ensure they are fully prepared for the euro changeover on January 1.
Chairman Brian Patterson said it was essential that all firms prepared fully in order to avoid serious disruption to their activities.
'If such disruption were widespread, this could have a negative impact on the economy as a whole,' he warned.
Forfas chief executive John Travers, a member of the council, said greater price transparency would ultimately lead to increased pressures on inefficient or uncompetitive companies, and said Irish firms must be ready to adapt.
The council, which was set up to advise the Government on competitiveness issues, said Ireland had not yet begun to take full advantage of the euro zone as a destination for exports and a source of imports. It pointed out that Ireland had the second lowest share of imports going to the zone and the lowest share of imports coming from the zone.
