Dominic Hannigan (Meath East, Labour)
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We have a quorum. I advise members and witnesses that they must turn off their mobile phones as they interfere with the broadcasting equipment which means the subsequent feed cannot be used. It is not sufficient to turn them to silent mode.

The first item on the agenda today is economic and monetary union and I am delighted to welcome our three guests from the Central Bank of Ireland, Professor Patrick Honohan, Mr. Patrick Brady and Mr. Colm Larkin.

Today's meeting is the sixth in a series of meeting during the term of the Irish Presidency in which we are discussing Ireland and the European Union. Today's session will focus on the implications for Ireland of an evolving European Union in terms of the proposed completion of EMU and the necessary steps to bolster democratic accountability and legitimacy across the Union. Important steps have already been taken towards achieving a banking union during the first half of the six-month Irish Presidency. We have seen the emergence at EU level of varying degrees of ambition by the European Council, the four Presidents and the European Commission, all in regard to the completion of economic and monetary union.

Today, we will hear the views of the Governor of the Central Bank on the creation of a complete banking union. We would also like to explore the outline plans for more integrated economic policy and fiscal frameworks, the so-called fiscal union, and whether Professor Honohan thinks they are realistic and in Ireland's interest.

Members are reminded of the long-standing parliamentary practice to the effect that they should not comment on, criticise or make charges against a person outside the Houses or an official either by name or in such a way as to make him or her identifiable. By virtue of section 17(2)(l) of the Defamation Act 2009, witnesses are protected by absolute privilege in respect of the evidence they give to this committee. If they are directed by the committee to cease giving evidence in relation to a particular matter and they continue to so do, they are entitled thereafter only to a qualified privilege in respect of their evidence. They are directed that only evidence connected with the subject matter of these proceedings is to be given and they are asked to respect the parliamentary practice to the effect that, where possible, they should not criticise nor make charges against any person or entity by name or in such a way as to make him, her or it identifiable.

I now invite Professor Honohan to make his opening remarks.