Our public finances are still in an extremely healthy position. We are still running substantial surpluses on the current account. We do not have a fiscal crisis or anything approaching it. We have the lowest government debt ratio of any country in the eurozone but because of the way in which the Stability and Growth Pact works we are constrained in our ability to spend on essential infrastructure, which is needed if we are to achieve our full economic potential. I doubt that the architects of monetary union had this in mind when they framed the pact. By all means let us have stability but let us have growth as well. The Government has a strong vested interest in modifying the pact. In light of yesterday's decision not to censure Germany and France for breaching the terms of the pact, the time is right to have the Stability and Growth Pact revisited to take cognisance of low debt countries with severe infrastructural deficits.