Madame Merkel knows very well that her conservative Christian Democratic Union or CDU, and the CSU, the Bavarian sister party to the CDU, with which it shares power nationally, must change their European policies. The FDP's nationalist-liberal position on Europe is presumably one of the reasons the attempt failed to form a Jamaica coalition government which would have seen the CDU, FDP and Green Party govern together.

It is clear that Germany needs a foreign policy in which we jointly define European interests. Thus far, we have often defined European values, but we have been much too weak in defining mutual interests. To preempt any possible misunderstandings: We cannot give short shrift to our values of freedom, democracy and human rights.

We need a greening of globalisation.

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.

We, the Social Democrats, are convinced that capitalism needs to be tamed a second time. The first time we achieved that in Germany for many decades with the social market economy. That is no longer enough. Now we need to do it in Europe and even globally.

In the past, Germany could rely on the French, the British and, especially, the Americans, to assert our interests in the world. We have always criticized the U.S. for being the global police, and it was often appropriate to do so. But we are now seeing what happens when the U.S. pulls back. If the U.S. leaves the room, other powers immediately walk in. In Syria, it's Russia and Iran. In trade policy, it's China. These examples show that, ultimately, we are no longer achieving either - neither the dissemination of our European values nor the advancement of our interests.

It isn't easy for everyone in Germany to make ends meet through well-paid work in Germany. You have to have sufficient skills and work hard. And I also know that we have much too much poverty and inequality here. Still, our parents and grandparents built an incredibly prosperous and peaceful country. One shouldn't, of course, play down the degree to which this is dependent on our economic strength. The truth is that Moscow, Beijing and Washington have one thing in common: They don't value the European Union at all. They disregard it.