We also need a fund that can say 'no'.
There is not an alternative to the US as the engine for growth.
We would certainly encourage the Italian government to put forward an ambitious agenda of reform.
We believe that the Federal Reserve has to carry on with a progressive increase in interest rates as a consequence of the American economy.
So the American economy needs the world, and the world needs the American economy.
To try to correct imbalances with trade restrictions is a grave error.