The lower interest rates fueled housing and consumption booms in countries such as Spain and Ireland. At the same time, Germany, struggling with the burdens of reunification, tightened its belt and became more competitive. All this led to a wide divergence in economic performance. Europe became divided into creditor and debtor countries.

A full and fair discussion is essential to democracy.

It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong

There is a well-established conviction that the central banks always do what is necessary to keep the system going and then afterwards you then take care of the legal aspects. In a crisis, you simply do not have time to think about such concerns for too long.

Unfortunately, the more complex the system, the greater the room for error.

Every bubble consists of a trend that can be observed in the real world and a misconception relating to that trend. The two elements interact with each other in a reflexive manner.

Financial markets ... resent any kind of government interference but they hold a belief deep down that if conditions get really rough the authorities will step in.