Professor Philip Lane:

Let me give my version of what I thought I heard and my understanding of the role of the governor.

When they make a QE decision tomorrow, maybe, or when they make an interest rate decision, they essentially focus on the euro aggregate. They do not talk about how the interest rate will affect Ireland or they do not talk about how the interest rate will affect France because they are there to set the policy for the euro area.

When it comes to financial stability issues, when essentially one has national financial systems, then the Governor would have the role of explaining to the euro council - the governing council - "Here's what's going on." The Governor is appointed by the Irish Government. So I would be fairly sure they would, within the rules of the euro system, advocate as far as possible what is in the national interest of Ireland, subject to the rules of the euro system.

On the question of lobbying, should the rules of the euro system be different? That is more indirect through the political systems of Europe about what the mandate of the ECB should be.