Brian Lenihan Jnr (Dublin West, Fianna Fail)

The budget will provide a framework with regard to our costs and competitiveness for the future. I do not accept Deputy O'Donnell's casual reference to the fact that we lost control over our exchange rates when we joined the euro. The reality is that Ireland has been locked into some form of monetary union since the earliest part of the 19th century. For a large part of that history we have had no control over our exchange rates and we had a very limited control over these during the short period when we were in the European exchange mechanism from 1979 onwards. I do not accept this. It is an important point because we have had a very big debate on Europe——

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