Taming the financial markets and winning back democratic control over them is the central condition for creating a new social balance in Germany and Europe.

I am certain that the United States next year, under a new president - regardless whether it's Obama or McCain - will present an ambitious program promoting renewable energies and energy efficiency. Europe could quickly fall behind.

The claim that democracy and efficiency are contradictory is nonsense. That's evident in the history of democracy itself, because it is only democrats who were and continue to be capable of learning from mistakes. A more appropriate question is to ask whether a country like China, which has been so incredibly successful economically, is actually inefficient in light of its environmental destruction and its corruption. In China's perception, however, the democratic model is doubtlessly inferior.

When you think back today to a time more than 70 years ago when Germany was a terrible place, a place people were afraid of, it is a wonderful development that we have gone from being a terrible place to a place that people dream of.

Economically and politically, Germany is extremely stable. There are countries with functioning governments whose institutions don't work. My only concern is about Europe. There's a risk we will run out of time. We have been blessed with a pro-European French president, but we are also approaching the next elections for the European Parliament in 2019, and it will be important for pro-European parties present a credible answer to the anti-Europeans on the left and the right.

However, I have a low opinion of people with narrow political horizons. Someone who talks about the environment and knows nothing about economics can make as many mistakes as someone who does the opposite.

The shadow of an exit of Greece from the euro zone takes on ever clearer shape, repeated apparently final attempts to reach a deal are starting to make the whole process look ridiculous. There is an ever greater number of people who feel as if the Greek government is giving them the run-around.