On Russia, I can only repeat what the president [Barack Obama] said. This is all about respecting certain principles, and I'm saying this from a European vantage point, from a European, from a German vantage point, sorry, the fact that for over 70 years we have been able to enjoy peace.

One can remain more sure-footed by taking small steps, but perhaps achieve greater speed by taking bigger steps. Of course, one also runs the risk of setting out in a completely erroneous direction. Surely the important thing isn't the length of our steps, but that the objective is clear.

We have shared those values, we continue to share those values and obviously, we will continue to cooperate with the new administration [of the U.S].

I fortunately know very many people, and there are many, many more that I don't know and many politicians who stand up for the same values of democracy of liberal societies, of open societies of respect for the dignity of man.

Trying to keep a society together, trying to keep the older and the younger people together, trying to keep those who live in rural areas together with those who live in cities is one of the most important and most noble tasks of politicians these days.

The G7 and former G8 group has always viewed itself as a community of values, the annexation of Crimea, which is a blatant violation of the principles of international law, and the events in eastern Ukraine are serious violations of these common values.

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.