Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

We had to think it out for ourselves in the main. The Chairman and I were involved in much of the conversations. It is not possible, in my view, to have a currency union which does not have a fiscal union or something very close to it because there is always the risk that countries within the currency union which do not obey moderate fiscal rules will drag down everyone else. The move towards a fiscal union is that common rules would apply across the Community and everybody has to comply with certain criteria.

Then there is peer review. If we do not come up to standard on the peer review in June we will get specific recommendations under the semester process and we will be obliged to correct on that basis.