It has been clear for some time now that we have to do more for domestic and external security. I am prepared for that.

My job is not to predict everything that might happen in the future, but to address what we can do today.

If the Schengen system (of border-free travel) is destroyed, Europe will be seriously endangered politically and economically. That is why we Europeans have to invest billions in Turkey, Libya, Jordan and other countries in the region as quickly as possible everybody as much as they can.

I think we will have to spend more on defense, for infrastructure, for extension of the broadband network and also for domestic security.

Many things can happen very quickly in times of crisis.

Greece's debts are all denominated in euros, but it isn't clear who holds how much of those debts. For that reason, the consequences of a national bankruptcy would be incalculable. Greece is just as systemically important as a major bank.

We are facing a whole collection of crisis-like developments that we have to watch closely. But we also have to be careful what we point to as crisis indicators.