The E.U. is more than just a trade organization or a common market; it is a guarantee of democracy, freedom, justice, and human rights. Nations cannot stay in the E.U. if they do not respect these guarantees.

European investment in Texas alone exceeds all U.S. investment in China and Japan put together.

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

The E.U. has moved to combat global terrorism by instituting common European arrest and evidence warrants and creating a joint situation center to pool and analyze intelligence.

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!

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.