 There are clearly many people who have questions they want to raise, so I'm not going to take up too much time. I won't, Chairman, if I may, give the speech that Brendan would have given. I'll make some remarks that I hope Brendan would agree with if we had discussed it in advance. It's an unusual experience to be outflanked in gloom by discussants of the Eurozone in this institution. In this case, I've been seriously outflanked by two of them, and I find a lot in what they have said to agree with. Without making a long speech about it, it seems to me there is a way in which the Eurozone as currently conceived by the theorists can be made to work. And that is if we have two conditions, one mutualisation of debt, ideally 100%, but acceptably up to the Maastricht Treaty levels, and secondly, a far more robust and functioning central line on fiscal policy. Unfortunately, the countries that most need mutualisation of debt are the ones that are most opposed to any kind of central fiscal control. You only have to look at the debate that goes on here to understand that. And the countries that are keenest on having strong central fiscal control, i.e. Germany and the northern neighbours, are the ones who are most against the mutualisation of debt. As long as that continues to be the case, that those contradictions are there, we're going to be in a huge difficulty. The second point I'd like to make, and I think there's a great deal of convergence between what our truth-geekers have said, I was very interested to hear from the inside the approach of Alexis Tsipras and Jannis Varoufakis to the negotiation. That wasn't what it looked like from the outside. And I know many people here take the same view. We looked in astonishment at a Prime Minister and a Finance Minister doing a tour of the European capitals, each of them saying different things to the other, and each of them saying apparently different things to the different heads of state and government that they met. It was a picture of total confusion. I have long believed that the biggest political lack in the Eurozone is the fact that there is no common accord among the member states that have the strongest interest in doing it, in sitting Chancellor Merkel down and speaking to her about the reality of life in the kind of economic system that she favours. If you look at the four points, the modest proposal that James mentioned early on, every piece of that modest proposal is something which the Irish, the Spaniards, the Portuguese, the Greeks, the Italians, the French, the Croatians, et cetera, could agree. Not everybody accepts the closed minds in Finland and Denmark, and unfortunately the Netherlands, who are less sensual about this than I had always expected them to be, but all of the things in there could be accepted by those. Mutualisation of debt up to the matter of bacteria, case by case resolution of failed banks, well, we seem to have moved some distance towards resolving that at European level, a bit too late, I might add, and I still have the scars. A reasonable investment programme through the European Investment Bank and the European Investment Fund, which now seems to be in place at the level of the Commission's ambitions, if not yet in reality, and moves towards the common social insurance. I think all of those things are evidently sensible, could be agreed, I think, by everybody, but it does need a concerted effort on the part of people who have dealt with austerity in the way that the known German member states have to sit down and speak about what that means to Germany. And that's what we should be doing in the Council of Ministers, in all of the committees that we have, and yet we're not doing that, and it seems to me that that is the biggest criticism that I would make of the governments of all of the programme countries ourselves, our own one included. They have consistently failed to act in a way that will bring the reality home to Germany, and until that is done, I don't see any prospect of the kind of solution being sought that Heiner has spoken about. It is, of course, the inevitable conclusion of his second last slide, that the way out of this, one of the essential elements of resolving this question, is for Germany to become a little more free-spending, probably getting their terms as they see it, that has been recognised finally by the Junker Commission, which took far too long to incorporate this in its economic prescriptions. It has not yet been spoken about in the Council of Ministers. It's like the love that dare not speak its name, but until it does, it's going to be oppressed, and we'll all be the losers from it. A final comment, I don't mention the fallacy of composition. It's not a new realisation. Most first year students of economics hear that that is the reason for the pig cycle. The fallacy of composition is the right thing to do to expand your pig production. But when everybody does that, you lose money. We all have met the wise old farmer who said, I get into pigs when my father is getting out, and I get out when he's getting in. That's a well-known problem. But if we get to the point where the only way that the discussion is going to proceed is that a member state or several member states put the weapon, the chaotic plan B on the table, then it'll be too late. I think we're going to have to get some political recognition of the fact that if we do get to that point, it is too late, and we should avoid getting to it. Which means, as I've said, getting the people who have experience of dealing with austerity in the way that has been done to speak of the reality of their political and economic experiences to Germany. Will it happen? I don't know. I can see the prospect that the natural leader of that group should be the president of France. It's not today's president. I don't know if it will be tomorrow's president. It seemed to me for a short time that the next natural leader of that group should have been Donald Tusk before he moved from Poland. I don't know who the current candidate would be. It's not at all significant that I haven't mentioned all the potential candidates and I'm not going to get drawn into that, but it needs to be done pretty soon. I think, Chairman, those are some of the lines that I think need to be looked at on the basis of what our two excellent presenters have said.