We would certainly encourage the Italian government to put forward an ambitious agenda of reform.

We have believed for many years, much earlier than anyone else was talking about this issue, that it was in the interest of China to evolve to a more flexible exchange rate system.

Oil prices have certainly become a threat for the world economy.

There is not an alternative to the US as the engine for growth.

So the American economy needs the world, and the world needs the American economy.

We also need a fund that can say 'no'.

We believe that the Federal Reserve has to carry on with a progressive increase in interest rates as a consequence of the American economy.