What does it involve?

Increasing the value of the pound against other EU currencies.

The arguments for:

The danger of importing inflation because of the weakness of the pound would be averted.

The value of wages and salaries would rise in euro terms.

A revalued pound would make the currency more attractive, encourage buyers to move into the market for it and stem the losses which have been sustained recently.

The arguments against:

Revaluation could hurt competitiveness - not revaluing is a once-off chance for the Irish economy to win a competitive gain over the other economies across Europe.

Maintaining a lower valued pound assists exporters who find their products cheaper to sell in the European market; farmers are in the same position.

Not revaluing allows us to hedge our bets against sterling and to avoid being overvalued against it if it falls sharply in the months or years ahead.