The influence which the different member states will wield within the new single currency is becoming clear. While the row over who would take the top job at the new European Central Bank (ECB) dominated most of the weekend, there was also a decision on who will make up the executive board.
This is the area of management of the single currency where real influence will be brought to bear. The ECB will be made up of a council of all the national central bank governors, which will include our own governor Mr Maurice O'Connell. However, it will be dominated by a full-time executive council made up of the president, a vice-president and four others.
This council will in turn be dominated by the larger countries. At the moment four of the jobs go to the Germans, French, Italians and Spanish, who serve terms from eight to six years.
The top job goes to the Dutchman, Mr Wim Duisenberg, but it is understood that this Dutch position on the executive council - will pass to the British, if and when they sign up. This leaves only one position for smaller members states, for the first five years this will be held by the Finns.
In effect, this leaves the bigger states with two votes on monetary policy - one from their executive council member and one from their ordinary council member - and the vast majority of smaller states with only one vote.
At an extended "lunch" which broke up just before midnight the heads of state agreed the composition of the board. It will be made up of Mr Duisenberg who has an eight-year term but will step down after four years to make way the Frenchman, Mr Jean-Claude Trichet, who will then serve for eight years. It is also understood that if Mr Trichet cannot take up the post it will go to another Frenchman.
The number two job will go to Frenchman Mr Christian Noyer who will serve for four years until his compatriot takes over the top job. The chair goes to the Bundesbank chief economist Mr Otmar Issing who will serve for eight years. The Italian, Mr Tommaso Padoa Schioppa, gets seven years while the Spaniard Mr Eugenio Domingo Solans gets six years and the Finn, Ms Sirkka Hamalainen, gets five years.
There is no Irish representative at this level, however it is understood that if Mr Maurice O'Connell, the Irish Central Bank governor, had wanted a position he would have been in with a good chance.
He will, however, be a member of the council and entitled to vote. All the countries' central bank governors will attend the monthly council meetings and will have one vote each. On some technical matters each will only be allowed to vote according to the country's shareholding in the ECB, which is based on population and gross domestic product.
While it has not been formally agreed that the larger countries will have permanent representatives, it is understood that the large countries, Spain, Italy, France and Germany will have what amounts to permanent representatives on the board, while the UK will be given a position if and when it joins.
This is likely to case some concern in Ireland, as the authorities wanted an agreement that all countries would be entitled to representation at some stage and no countries should be given a permanent seat, even informally.
However, Mr Ahern insisted that the jobs will be agreed according to a balanced principle of rotation. It is also quite clear that we are talking about central bank governors and heads of monetary authorities, he added.
The Finance Ministers also agreed a number of technical issues At the informal meeting on Saturday evening, they agreed that the existing central rates in the exchange rate mechanism will be used as the rates at which currencies will lock together for the euro. For Ireland this means that the pound will be worth DM2.4830.
However, the announcement on exactly how much one euro will be worth against other currencies like the US dollar and the Japanese yen will have to wait until the end of the year. This is because the ministers agreed that one euro will be exchanged for one ecu. As sterling and the Danish krona as well as the Greek drachma are in the ecu - a basket currency which is the average of all the member currencies - the exact rate is not yet set in stone, although it is likely to be around 78p
The Ministers also agreed a number of technical issues such as the harmonisation of euro coins as well as its regulation.