Over the past few past days I was here with the economic committee from the Parliament. There is a perception that as a small country we were hauled over the coals when it looked as though we were in danger of breaking the Stability and Growth Pact. The economic situation is very difficult and France and Germany did break it. Yesterday morning we met the Minister for Finance, Deputy McCreevy, who explained that Germany had tried to make some very stringent changes but could not manage to because of the economic atmosphere. It was felt that if Germany was fined on top of the difficulties this would hamper even more the two driving forces of the European Union. As it happens the Minister was right but if we are going to then have to live with an interest rate increase from the Central European Bank, that is wrong. We should not have to pay for this. Germany has until 2005 to get its finances in order. I told the Minister that during the Irish Presidency he should emphasise that any other country finding it difficult to stay within the 3% should benefit from the flexibility allowed to France and Germany, and we should not have to suffer an increase in interest rates from the central bank.