Perfect is unattainable. Better is possible.

America is the greatest country on Earth. But because of some of the mistakes that have been made, we, I think, are going to have a lot of work to do in the next administration to restore that sense that America is that shining beacon on a hill.

We have not always been in sync on every issue in terms of our core values, in terms of her integrity, her truthfulness, her thoughtfulness, [Angela Merkel] doing her homework, knowing her facts, her commitment to looking out for the interests of the German people first, but recognizing that part of good leadership on behalf of the nation requires engaging the world as a whole, and participating effectively in multilaterally institutions, I think she's been outstanding.

I think my most important advice is to understand what are the foundations of a healthy democracy and how we have to engage in citizenship continuously, not just when something upsets us; not just when there's an election or when an issue pops up for a few weeks. It's hard work.

There are some who question the scale of our ambitions, who suggest that our system cannot tolerate too many big plans. Their memories are short, for they have forgotten what this country has already done, what free men and women can achieve when imagination is joined to common purpose, and necessity to courage.

My greatest hope is to be able to pass the same dreams and hopes and vision that I've been able to enjoy in my life, on to the next generation. Not just for my children - because with a mother like Michelle, my kids are going to be great - but for all children. There are too many children in this country for whom the American dream is so distant and the odds against them are so daunting.

The next phase and this is part of what I'm interested in doing after I get out of the presidency is to make sure that I'm working with that next generation so that they understand you can't just rely on inspiration. There's a little perspiration involved in bringing about change too. That you have to be organized, that you have to vote even when it's not exciting.