Most small companies still believe adopting the euro would be good for business, although they are concerned about increasing European red tape and legislation.
A survey by accountants Haines Watts, which special-ises in SME clients, found more than 50 per cent questioned thought adopting the single currency, among other measures, would help boost profitability.
One third thought it would not benefit their businesses.
More than a quarter (28 per cent) said they expected the bulk of their future growth to come from a newly expanded EU.
However, many SMEs believed that they are being weighed down by the sheer volume of business-related legislation - much of which has come from the EU.
More than 70 per cent of owner managers said they spent more of their time managing staff and administrative functions rather than running their businesses.
Seventy one per cent claimed any increase in regulation would adversely affect their businesses.