Event-by-event fluctuations and the QGP

We discuss the physics underlying event-by-event fluctuations in relativistic heavy ion collisions. We will emphasize how the fluctuations of particle ratios can be utilized to explore the properties of the matter created in these collisions. In particular, we will argue that the fluctutions of the ratio of positively over negatively charged particles may serve as a unique signature for the Quark Gluon Plasma.