The appointment of a single senior official to speak for the euro zone countries, the creation of a European Securities and Exchange Commission and the development of a separate euro federal-style budget have been recommended by an Oireachtas committee.

The Joint Committee on European Affairs, in a report published yesterday, also recommends that the Dail should convene a committee of the whole House to oversee the process of social partnership; that the Seanad should convene a similar committee to consider the issue of poverty and that the Department of Agriculture especially, but also other Government departments, should make payments in euros rather than pounds as soon as practicable.

The report comes before the Dail for debate in about a week's time.

At a news conference yesterday, Mr Gay Mitchell, rapporteur for the committee, described as "disastrous" the unwieldy state of representation of the euro, where a multiplicity of ministers and officials represent the euro zone at all finance G-7 negotiations. "The EU could not have made a greater mess of the international representation of the euro if it had deliberately tried," he said.

"This kind of leadership is contributing to the uncertainty about the currency and must be taken in hand."

He said consideration should be given to the creation of a job of "Mr Euroland", an individual who could speak authoritatively for the euro zone, but who would still be accountable to finance ministers, who would be the decision-makers.

On the federal-type budget, Mr Mitchell said that it would be in Ireland's interests, particularly given our trading relationship with Britain, if a system similar to that in the US, where a federal budget could move resources around to stimulate growth in depressed states, were to emerge.