Paul Coghlan (Fine Gael)

Our good friend, Senator Darragh O'Brien, wrongs the Minister, Deputy Noonan. The Minister was upfront and fair on the issue. We are all in the business of protecting the euro. To that end, the intergovernmental agreement concerns tougher new rules. As the Senator knows, the issue will be painted in a simplistic manner. Perhaps his party is guilty in this regard. I suspect he knows that anti-euro forces will want to take us out of the eurozone. No one on the other side of the House wants a return to our currency being tied to sterling. It would be disastrous for trade. Neither would Opposition Members want to return to the punt, given the fact that we could suffer a severe devaluation overnight.

We need total fiscal discipline and proper budgetary oversight. The agreement is concerned with these requirements. I look forward to tomorrow's debate with the Minister of State, Deputy Creighton. Clarifying the details of the agreement could take until March. Until then, the Attorney General will not be able to rule on whether a referendum will be required.