Countries that work with Europe should feel safer than they would if they worked with non-democratic regimes. Why isn't Europe building infrastructure in Africa instead of leaving it to the Chinese? Why haven't we succeeded in promoting the economic development of our neighbors in the Balkans, instead conceding these countries to growing Russian influence? In an uncomfortable world, we Europeans can no longer sit back and wait for the U.S.A.

My office has a view of low-cost housing, old East German prefabricated apartment buildings. It isn't an attractive view, but it's very helpful, because it reminds me to ask myself, whenever there is a decision to be made, whether the people who live there can afford our decisions.

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.

The task for Germany today is - through its own policies and its own structural reforms, its own investments - to support the EU and the Commission... but every nation has to have the courage to broach such structural reforms and speak clearly about them without making people be afraid.

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.

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.