The government of New Caledonia says adopting the Euro and dumping the French Pacific Franc will increase foreign investment in the territory.
The government's spokesperson, Maurice Ponga says authorities are considering adopting the Euro because of the growing foreign investment interest in the territory.
Mr Ponga says however that foreign investors are concerned about having to conduct business using two currencies at different exchange rates which can be costly.
He says currently there are a number of international corporations in New Caledonia who are pushing for the adoption of the euro to increase the territories economic competitiveness.
Mr Ponga says they are emphasising the importance of bringing New Caledonia in line with other French Territories who use the euro as well as Europe which are it's biggest export market