I will argue that Giegerich’s study raises a number of important questions which have so far not received the attention they deserve and which have much wider implications than the problem of English compounding. By exploring these questions from the vantage point of a single, relatively well understood phenomenon, Giegerich has been able to put some of those questions into sharp relief and has therefore issued an important challenge to those who wish to understand the more general relationship between morphology, syntax and semantics.