Much has been made of the decision of the Agriculture Council regarding the milk sector. I do not believe the level of criticism of the agreement, which was concentrated on this element only, is justified. The decision taken in Luxembourg on 26 June provides for a reduction of approximately 4% beyond the level already agreed in Agenda 2000. This is in contrast to the original proposals where an additional 10% reduction was provided for. In addition, I secured compensation of approximately 80% for the additional intervention price reduction of 4% which was agreed by the Council. Therefore, the potential losses to the dairy sector from the net effect of the 4% intervention price reduction and the value of the dairy cow premium, amount to less than €14 million annually, or 1% of the farm gate value of milk output. It is important to bear in mind that this reduction is an intervention price reduction and not a market price one. Farmers who concentrate on the market where the product should be sold will experience no loss if the industry concentrates on the marketplace. Depending on market prices, there could even be substantial gains. The agreement demonstrates emphatically that the dairy industry must realise that selling to intervention is not the way to build a viable industry capable of adequately remunerating its farmer suppliers for its raw material.