 The European Monetary Union commenced with the Maastricht Treaty and the Maastricht Treaty had deficiencies. The deficiencies that it had related to the mechanisms for surveillance, control and sanction of those who simply breached the rules in regard to the Growth and Stability Pact. In other words, countries were required by the Growth and Stability Pact to keep their budget deficits within certain parameters. Very rapidly, by 2004, two of the biggest countries, Germany and France, breached those limits. There was no proper advance warning, there was no proper sanction and peer pressure was minimal as a result of this. That opened a door for others and the breaches became bigger. And fiscal indiscipline and profligate spending ended up creating the crisis which we're in today. A six-pack of proposals was agreed effectively on the 10th of May last for the future. There will in future therefore be surveillance. There will be control mechanisms. There will be mechanisms, I hope, ultimately requiring a constitutional or superior law of provision that countries will remain within the parameters agreed in the Growth and Stability Pact. So if we overcome the current crisis, I think that we have a reasonable assurance that we will have in place mechanisms within the European Union which will avoid this happening again. And I think that that must include prior discussion and evaluation of national budgetary policies. Ultimately, the balance between tax cuts is a question for governments, where to tax or where not to tax. That's a question for governments.