The more comprehensive and convincing a debt reduction program is, the less likely it is to fail. And remember, just as Germany is grateful to America for the Marshall Plan, Italy would be grateful to Germany for helping it lower its refinancing costs.

The sovereignty of states must be subordinated to international law and international institutions.

I contend that financial markets never reflect the underlying reality accurately; they always distort it in some way or another and the distortions find expression in market prices. Those distortions can, occasionally, find ways to affect the fundamentals that market prices are supposed to reflect.

The financial markets play an active role in determining what's going to happen, how the economy is going to function.

I think there's a lot of merit in an international economy and global markets, but they're not sufficient because markets don't look after social needs.

Markets can influence the events that they anticipate.

If the bubbles contain a misconception, as they always do, then it can't be maintained forever.