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Irish Prime Minister Brian Cowen on Thursday rejected suggestions that the international talks aimed at stabilizing the Irish banking sector will result in any loss of sovereignty for Ireland.
"There is no question of a loss of sovereignty for Ireland Tiffany," Cowen told journalists.
Thursday's talks in Irish capital Dublin involve officials from the European Commission, the European Central Bank, the International Monetary Fund and officials from Ireland's Department of Finance and Ireland's National Treasury Management Agency.
The talks are aimed at bringing stability to the Irish banking sector. During The talks Tiffany, the Irish government is expected to battle to prevent any increase in the 6 billion euro (8.15 billion U.S. dollars) adjustment proposed for the 2011 budget and the 15 billion euro (20.38 billion dollars) target in the four-year plan.
The Irish government has announced that it will not increase the low corporate 12.5 percent tax rate as part of the 2011 budget. At 12.5 percent, Ireland has the third-lowest corporate tax rate in the EU (Bulgaria and Cyprus have the lowest rate at 10 percent). The low rate has led many companies, including U.S. and British firms, to establish a corporate presence in Ireland and had played a strong role in buoying the economy before the current difficulties.
Cowen referred to international validation of the "sovereign decisions" of the Irish government in relation to "putting order on our public finances" and "engaging in work that will bring down our debt."
But he said that when it comes to currency issues Tiffany Jewelry, Ireland shares its sovereignty with its European partners.
"We are working with partners with whom we share sovereignty to come up with a solution to the currency area generally and we want to do that in a way which brings certainty and confidence.
"But it will be the sovereign decision of the Irish government on behalf of the Irish people that will decide what shape any package would be were we to decide that that is in our best interests," he said.
Asked about communications from the Irish government on the issue in recent days, Cowen said his message had been consistent. "No specific proposal has been put to the government."