  We present an exact field theoretical representation of an ionic solution
made of charged hard spheres. The action of the field theory is obtained by
performing a Hubbard-Stratonovich transform of the configurational Boltzmann
factor. It is shown that the Stillinger-Lovett sum rules are satisfied if and
only if all the field correlation functions are short range functions. The mean
field, Gaussian and two-loops approximations of the theory are derived and
discussed. The mean field approximation for the free energy constitutes a
rigorous lower bound for the exact free energy, while the mean field pressure
is an upper bound. The one-loop order approximation is shown to be identical
with the random phase approximation of the theory of liquids. Finally, at the
two-loop order and in the pecular case of the restricted primitive model, one
recovers results obtained in the framework of the mode expansion theory.
