We need to face up to this and to debate it but the debate is unheard. Some of what I have to say is anathema to some Members who have spoken. Instead of planning for life after CAP, we decided to stick out heads in the sand and pretend we could drag out the good times forever. We have persisted in this doomed policy at enormous cost. First, in absolute terms, the agricultural policy swallows up the lion's share of the EU budget year after year. Valery Giscard d'Estaing wants us to change the name of the EU yet again. If we named it after where the money goes, maybe we should call it "The Union of European Farmers". For an entity with the aspirations of the European Union to spend 75% of its entire annual budget on farm supports shows a peculiar sense of priorities indeed. That is, however, not the nub of my objection to the policy.