The shadow of crisis has passed, and the State of the Union is strong.

I don't wanna preempt an announcement next week. And there's a lot of technical aspects to it. And if I - say - that we're doing one thing. then the markets might interpret it differently from what it ends up being.

In America, there's a failure to appreciate Europe's leading role in the world. Instead of celebrating your dynamic union and seeking to partner with you to meet common challenges, there have been times where America has shown arrogance and been dismissive, even derisive.

I will listen to you, especially when we disagree.

Those are the ladies sitting in church. And in the same way that they might feel a joy and release on Sunday, they are still going to work on Monday. And that's who I was listening to during this process. And if at the end of my presidency they feel like I did a pretty good job, then I'll feel pretty good.

There are legitimate concerns and anxieties that the forces of globalisation are leaving too many people behind - and we have to take those concerns seriously and address them. But the answer isn't to turn inward and embrace protectionism. We can't just walk away from trade.

In the end, that's what this election is about. Do we participate in a politics of cynicism or a politics of hope?