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

The EU and the U.S. often work together to develop international standards. This is the case in fighting terrorism and transnational crime, advancing trade liberalization, and combating piracy and intellectual property violations.

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.

The time horizon may be too long for sole reliance on market solutions - but perhaps the inventiveness of the financial services industry will prove me wrong that point!

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

Non-proliferation will only work if all states are willing to cooperate, and that will only happen if all feel they are being treated fairly.

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