It is worth considering the ECB's remit. It is interesting that those at the bank appear to have twigged what is at stake. I was always concerned that concentrating too much on the inflation target was a mistake. I believed that there should be a requirement on the ECB to take into account the general conditions of the eurozone economy, growth, employment, etc. The penny – or the cent – appears to have dropped with the ECB in recent months. However, there is a need to go further. When we are reviewing the stability pact, we must look at the remit of the ECB. It may have been good enough for the Bundesbank, between the 1960s to the 1980s, to deal purely with the German inflation target. However, that approach is not good enough in the 21st century for the eurozone as a whole. The ECB must be given a much broader remit to allow it to look at the overall needs of the eurozone economy.