Objectively, it is right that if one is managing a currency, one has to be able to regulate the amount of money being printed. When governments run deficits, they are printing money. One cannot, therefore, manage a common currency without having some European authority that can tell people not to run deficits beyond a certain amount or, if they are running a surplus, that they should do so to a certain amount in order that when there is a deficit, they will not be in difficulty. As the present arrangements are not as effective as they ought to be, the Commission should be given more power of initiative in this area. At the end of the day, however, any such policy decision has to be taken by the Council of Ministers, not the Commission, although implementing policy is a matter for it.