Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

I welcome our guests. I missed the beginning of Mr. McDonnell's presentation but I have read it in its entirety. Senator Reilly referred to further fiscal and economic integration. I am clear on what further economic integration would look like from a banking point of view and in the context of the ability of governments to finance their operations through eurobonds, etc. I am, however, less sure of what future fiscal integration will look like, particularly as we move beyond where the stand at present.

I can see how it could develop in the area of tax harmonisation. That has been on the table and a policy pressure point for quite a while. Beyond that and bearing in mind the two-pack and six-pack and the fact that we will be emerging from a programme, what will the position be? When a state emerges from a programme, further oversight mechanisms are in place. What is the nature of the remaining aspects of fiscal integration which we can raise as good or bad? Is there really much more to be done in this regard, excluding harmonisation, which I understand?

I have two questions for Mr. Coffey. He stated one of the European Central Bank’s initial criteria.