Government spin-doctors have done their best to put a gloss on the lack of Irish representation among the management of the European Central Bank. They have argued that most of the personnel were transferred from the European Monetary Institute and that, in any case, we will have one vote - just like everyone else - on the governing council.

But the reality of life in international affairs is that it always pays to have your own people on the spot. No-one would argue that Ireland has not benefited from having a Commissioner and senior officials working in the EU Commission in Brussels.

The European Central Bank is set to develop into the central financial institution in the EU. But despite the fact that this has been clear since we signed up for EMU, we appear to have spent little effort in having key people in place and lobbying for them to get senior jobs.