The Internet is the most effective instrument we have for globalization.

The black market was a way of getting around government controls. It was a way of enabling the free market to work. It was a way of opening up, enabling people.

Money is a very powerful thing, which you hardly notice when it goes right, but which can create havoc when it goes wrong.

Because it is one thing to have free immigration to jobs. It is another thing to have free immigration to welfare. And you cannot have both. If you have a welfare state, if you have a state in which every resident is promises a certain minimal level of income, or a minimum level of subsistence, regardless of whether he works or not, produces it or not. Then it really is an impossible thing.

Italy may well be the main problem. It has benefited most from the euro by having been able to get the euro interest rate instead of what otherwise would have been its own. That would be much higher because Italy has been accumulating so much debt. In the past, Italy has inflated away its debt. The virtue of the euro is that Italy can't do it alone. A tight ECB policy wouldn't permit that to happen again.

Corruption is government intrusion into market efficiencies in the form of regulations.

Germany's problem, in part, is that it went into the euro at the wrong exchange rate that overvalued the deutsche mark.