The Irish pound is now a denomination of the euro and it is no longer traded on the foreign exchange market. There is constant daily interaction with the European Central Bank. Our personnel serve on a wide range of European Central Bank committees.
The Eurosystem is quite unique; while policy is determined collectively in Frankfurt, it is implemented on a decentralised basis by the national central banks. It is important that this emphasis on decentralisation is not eroded over time. The Irish economy I have said earlier that within the euro area Ireland continues to be the grand exception because of our rate of economic growth.