Wales' first minister, Rhodri Morgan, has warned Welsh companies the euro is set to have a dramatic effect on their businesses whether or not Britain joins the single currency.

Launching an information fact sheet on how the euro will affect Welsh companies, Morgan said businesses from blue chip to corner shop would have to consider the impact of the euro.

With 60 days remaining before the introduction of euro notes and coins on January 1, the first minister pointed to figures showing that Wales sends more than £4 billion a year in exports to EU countries as proof that the single currency would have a big impact.

He was backed by the Euro Task Force for Wales which advises small and medium-sized businesses in Wales on how the euro could affect them.

"Whether you are part of a blue chip company, a taxi driver or run a corner shop, you cannot ignore the euro, especially when it is turned into coins and notes on January 1st," said Morgan.

He added that "time is quickly running out" for those not yet ready for the switch that will see 12 EU countries scrap their national currencies and introduce around 14.89 billion euro denomination banknotes and 50 billion coins.

"Britain may not have joined the European monetary union, but the euro still has the potential to affect all of us in one way or another whether we are businesses with trading links with the euro area or holidaymakers to Europe," said Morgan.

Morgan's comments reflect growing interest in the devolved administrations about how Britain's decision on the single currency will impact on their economies. The minister for Europe, Peter Hain, will on Monday give evidence to the Scottish parliament's European Committee on the future of Europe. The committee is also considering a draft report on the euro debate from a Scottish perspective.

Speculation about the government's intention to hold a referendum on euro membership has increased since Tony Blair's party conference speech in which he said the government should go ahead with a referendum if its five economic tests were satisfactorily met.

Speaking on Wednesday, Hain said that the public will see more of the benefits of the single currency once the notes and coins are in circulation.

"Once people have seen it is a real thing and have seen how easy it is to go from France to Germany to Spain to Holland and to Belgium and use the same money, they will see the benefit of it and will be able to make up their minds as to whether they will want to share in those benefits or not," he said.