The Margin couldn't help but smile at the text issued on behalf of Maurice Doyle, the former governor of the Central Bank, addressing the ESRI's annual meeting as its president. Speaking of the Belfast Agreement he opined that it was "momentous in its potential" for the island, offering "considerable" benefits. However in relation to EMU he merely said that "many welcome" our membership, while adding that "among the concerns voiced" are the loss of exchange rate discretion and the problems arising from our relationship with Britain. Some will recall his warning some years ago that European integration could turn Ireland into the "Appalachia of Europe".