What we have at present is a system of loss socialism. Whatever goes wrong is shouldered by the general public and anything that works is privatised. Worshippers of market freedom have suspended the most important economic principle: Risk and liability go hand in hand.

I'm hearing different things, but there is concern that stable Germany is no longer quite so stable.

We need a greening of globalisation.

The truth is that we have long had a multi-track Europe with very different objectives. The traditional differences between the north and the south in fiscal and economic policy are far less problematic than those that exist between Eastern and Western Europe. In the south and east, China is steadily gaining more influence, such that a few EU member states no longer dare to make decisions that run counter to Chinese interests. You see it everywhere: China is the only country in the world that has a real geopolitical strategy.

A major danger for us Europeans: We must demonstrate that those who have this view of us are mistaken, that we can come to agreement, that we as a community of democratic and free nations are economically successful and are gaining political influence. To do so, we must learn to project our power.

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.

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.