Proliferation of nuclear weapons to terrorist organisations is far more dangerous than proliferation of nuclear weapons to states, even states like North Korea.

But our system of regulation must keep up with this. If it fails to keep up, it will hold back economic expansion. We need financial market regulation that works at national and European level.

Indeed, American companies make three times as much profits from their investment in one E.U. country, Ireland, than they do from all their investments in China.

U.S. companies earn more from their investments in the EU than in the rest of the world combined.

When the E.U. and the U.S. agree, other countries follow.

The E.U. imports more agricultural goods from developing countries around the world than does the U.S., Canada and Japan, combined.

States can be deterred by the fear of retaliation; non-state organisations cannot by deterred at all.