A diode-pumped Er:Yb:glass miniature laser has been passively modelocked to generate 2.0 ps pulses at a 50 GHz repetition rate with LIP to 7.5 mW average power. By combining this laser with a dynamic gain equaliser, a flat optical spectrum has been generated with up to 10 discrete channels with a 50 GHz channel spacing locked to the 50 GHz ITU grid.