Brian Cowen (Laois-Offaly, Fianna Fail)

The Regling and Watson report, in its consideration of the sources of some of the issues that arose for the economy during that decade, points out in some detail that joining the euro and not having access to an exchange rate policy - in the context of an open economy such as ours, which enjoyed substantially higher growth rates than those that obtained in other parts of the euro area - was an important factor in trying to deal with the situation.

We must all be honest with the people in respect of this matter because history is being rewritten at present.

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