Brian Cowen (Laois-Offaly, Fianna Fail)

I contend strongly, in response to Deputy Morgan, that Ireland's adoption of the euro, which is a source of stability by comparison with other international currencies, has helped to protect us from much of the recent turbulence on the financial, equity and currency markets. We get more protection by sharing our sovereignty with others, on the basis of a co-ordinated economic policy and a common currency, than we would get if we were on our own. Deputy Morgan might not recall that various predatory attacks were made on the Irish pound in the early 1990s and our reserves position was seriously disrupted as a result. Interest rates had to be increased by up to 50% overnight to protect our currency. In this day and age, there is a more enlightened view of sovereignty. We live in a global village, with transnational problems, in which sovereignty can be shared. It is far better to work with our EU partners to develop a co-ordinated economic policy, which leads in turn to a strong currency in Europe. Ireland's full and committed participation in the European Union, on foot of the establishment of the Single Market, is the best guarantee of a modern and sovereign Ireland into the future. We can share sovereignty.

See this speech in context