China and the U.S. are the two largest importers of oil. They are the two largest emitters of carbon.

The U.S. didn't save enough; we borrowed a lot. There were structural imbalances in Asia with exporters, with oil exporters for a whole variety of things.

A single agency responsible for systemic risk would be accountable in a way that no regulator was in the run-up to the 2008 crisis. With access to all necessary information to monitor the markets, this regulator would have a better chance of identifying and limiting the impact of future speculative bubbles.

In terms of the overall economy, we've got challenges and the big focus has got to be on recovery, on repair, and that's going to take a while.

In China, export lobbies have fought for policies that favor their interests and limit foreign competition.

The first priority is to make sure we have capital to continue to have capital available to put into the financial system. That's the first priority.

Our overriding goal in restructuring our financial architecture should be that taxpayers never again have to save a failing financial institution.