If Europe today accounts for just over 7 per cent of the world's population, produces around 25 per cent of global GDP and has to finance 50 per cent of global social spending, then it's obvious that it will have to work very hard to maintain its prosperity and way of life.

Foreign policy that is obviously guided by interests, but that is very much also committed to shared values, so we have a platform, democracy, freedom, respect of human rights that we would like to see respected all over the world and also, a peaceful world order.

We have very stable mechanisms of conflict resolution in terms of labor relations, we have a very good transportation infrastructure, we provide our children with an excellent education and the gap between rich and poor in Germany is relatively narrow. On the other hand, we have trouble accepting change.

History has often showed us the strength of the forces that are unleashed by the yearning for freedom. It moved people to overcome their fears and openly confront dictators such as in East Germany and Eastern Europe about 22 years ago... The yearning for freedom cannot be contained by walls for long. It was this yearning that brought down the Iron Curtain that divided Germany and Europe, and indeed the world, into two blocs.

NATO needs to adapt its strategy to meet new challenges

A good compromise is one where everybody makes a contribution.

Thank [Barack Obama] for the friendship you've always demonstrated.