If we are going to try to get across to the poorest people in the world that we care about their plight and we want them to join one world with the rest of us, we have got to make promises and keep promises.

Because with courage and conviction I believe we can deliver a more flexible, adaptable and open European Union in which the interests and ambitions of all its members can be met.

Taken as a whole, Europe's share of world output is projected to fall by almost a third in the next two decades. This is the competitiveness challenge - and much of our weakness in meeting it is self-inflicted. Complex rules restricting our labour markets are not some naturally occurring phenomenon.

We need the Chinese to - you know, spend more, save less - consume more and not be so focused on exports. There are big changes we need in the world.

People are increasingly frustrated that decisions taken further and further away from them mean their living standards are slashed through enforced austerity or their taxes are used to bail out governments on the other side of the continent.

I mean, I'm a conservative. I believe that, you know, if you borrow too much, you just build up debts for your children to pay off. You put pressure on interest rates. You put at risk your economy. That's the case in Britain. We're not a reserve currency, so we need to get on and deal with this issue.

Yes, America must do the right thing, but to provide moral leadership, America must do it in the right way, too.