 The fiscal treaty, to my mind, represents a fundamental misdiagnosis of what the Eurozone's problems have been. In the case of Greece, certainly there was a lot of fiscal misbehavior, but if one looks at the fiscal accounts of Spain and Ireland up to the time of the crisis, they look very healthy. The main problem has been in the financial sector and in the banking system's instability, which has led to the need for large bailouts. I worry also that many of the targets in the fiscal treaty are not that well designed or understood even by economists. How do we understand the structural deficit or calculate it? It seems to me this opens the door for a lot of...