“It is too early to assess the policies of the new German government. I can only say that the crisis has shown that the monetary union is incomplete and that the weaknesses need to be remedied. Germany helps the euro best by further strengthening its competitiveness and promoting growth.”

spiegel.de http://www.spiegel.de/international/europe/spiegel-interview-with-ecb-president-mario-draghi-a-941489.html.

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Mario Draghi7

Italian banker and economist 1947

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“Some economists believe that the Great Depression of the 1930s was aggravated by bad monetary policy and lack of American leadership. Britain was too weak to maintain an open international economy, and the United States was not living up to its new responsibilities.”

Joseph Nye (1937) American political scientist

Source: Understanding International Conflicts: An Introduction to Theory and History (6th ed., 2006), Chapter 7, Globalization and Interdependence, p. 218.

“I can confirm that Poland will join the euro zone, and not just because all the treaties are signed, but because I consider it of strategic interest both for Poland and the European Union. But only a fool would believe that the euro could provide a guarantee that a financial crisis would never happen again.”

Donald Tusk (1957) Polish politician, current President of the European Council

Interview with Polish Prime Minister Donald Tusk http://www.spiegel.de/international/europe/interview-with-polish-prime-minister-donald-tusk-i-m-incapable-of-getting-angry-with-angela-merkel-a-755965.html spiegel.de (28th April 2011)

“Germany will recover and Russian will rise... our policy must be directed to prevent a union between German militarism and Russian Bolshevism.”

Winston S. Churchill (1874–1965) Prime Minister of the United Kingdom

Early career years (1897–1929)
Source: The Fortnightly Review, July 1919, William Harbutt Dawson, "The Liabilities of the Treaty," p. 10, speech in Dundee on May 14, 1919

“Economic and monetary union…is incompatible with independent sovereign states with control over their own fiscal and monetary policies. It would be impossible…to have irrevocably fixed exchange rates while individual countries retained independent monetary policies…such a system could never have the credibility necessary to persuade the market that there was no risk of realignment. Thus EMU inevitably implies a single European currency, with monetary decisions…taken not by national Governments and/or central banks, but by a European Central Bank. Nor would individual countries be able to retain responsibility for fiscal policy. With a single European monetary policy there would need to be central control over the size of budget deficits and, particularly, over their financing. New European institutions would be required, to determine overall Community fiscal policy and agree the distribution of deficits between individual Member States…It is clear that Economic and Monetary Union implies nothing less than European Government…and political union: the United States of Europe. That is simply not on the agenda now, nor will it be for the forseeable future.”

Nigel Lawson (1932) British Conservative politician and journalist

Speech to the Royal Institute for International Affairs, Chatham House (25 January 1989), quoted in The View from No. 11: Memoirs of a Tory Radical (London: Bantam, 1992), p. 910.

“The union of the States of Germany into a form of government similar in many respects to that of the American Union is an event that can not fail to touch deeply the sympathies of the people of the United States. This union has been brought about by the long-continued, persistent efforts of the people, with the deliberate approval of the governments and people of twenty-four of the German States, through their regularly constituted representatives.”

Ulysses S. Grant (1822–1885) 18th President of the United States

Message regarding the unification of Germany http://millercenter.org/president/grant/speeches/message-regarding-unification-of-germany (7 February 1871) <br class="br">1870s

“Only the idolatrous and the weak have need of illusion as of a remedy.”

Henri Barbusse (1873–1935) French novelist

Light (1919), Ch. XXIII - Face To Face
Context: Only the idolatrous and the weak have need of illusion as of a remedy. The rest only need see and speak.
She smiles, vague as an angel, hovering in the purity of the evening between light and darkness. I am so near to her that I must kneel to be nearer still. I kiss her wet face and soft lips, holding her hand in both of mine.
Yes, there is a Divinity, one from which we must never turn aside for the guidance of our huge inward life and of the share we have as well in the life of all men. It is called the truth.

“So the euro is here to stay, and the arrangements that evolved in response to the crisis have become established as the new order governing the eurozone. This confirms my worst fears. It’s the nightmare I’ve been talking about. I’m hopeful that the Russian invasion of Crimea may serve as a wake-up call. Germany is the only country in a position to change the prevailing order.”

George Soros (1930) Hungarian-American business magnate, investor, and philanthropist

nybooks.com http://www.nybooks.com/articles/archives/2014/apr/24/future-europe-interview-george-soros/

“The growth in money and credit has outpaced both savings and economic growth. These inflationary pressures have been concentrated in asset prices, not consumer price inflation--keeping monetary policy too easy. This increase in asset prices has fueled domestic borrowing and spending. Government policy and the increase in securitization are largely responsible for this bubble. In addition to loose monetary policies by the Federal Reserve, government-sponsored enterprises Fannie Mae and Freddie Mac have contributed to the problem. The fourfold increases in their balance sheets from 1997 to 1998 boosted new home borrowings to more than $1.5 trillion in 1998, two-thirds of which were refinances which put an extra $15,000 in the pockets of consumers on average--and reduce risk for individual institutions while increasing risk for the system as a whole.”

Ron Paul (1935) American politician and physician

CONFERENCE REPORT ON S. 900, GRAMM-LEACH-BLILEY ACT, November 8, 1999 http://www.house.gov/paul/congrec/congrec99/cr110899-glb.htm <br class="br">1990s

“Only one conclusion appears to me possible. We shall not promote our welfare by a narrow and shortsighted policy. We can gain nothing by any destruction of govern- ment or society. That action which in the long run is for the advantage of the individual, as it is for the support of our Union, is best summed up in a single word — renunciation. It is only by surrendering a certain amount of our liberty, only by taking on new duties and assuming new obligations, that we make that progress which we characterize as civilization. It is only in like manner that the become partakers of its glory. That is the answer to every herald of discontent and to every preacher of destruction. While this is understood, American institutions and the American Union are secure.”

Calvin Coolidge (1872–1933) American politician, 30th president of the United States (in office from 1923 to 1929)

1920s, Freedom and its Obligations (1924)

“The crisis has not been overcome, but there are many encouraging signs. The economy is recovering in many countries, the imbalances in European trade are declining and the budget deficits in the monetary union are falling.”

Mario Draghi (1947) Italian banker and economist

spiegel.de http://www.spiegel.de/international/europe/spiegel-interview-with-ecb-president-mario-draghi-a-941489.html.

“It is too early to assess the policies of the new German government. I can only say that the crisis has shown that the monetary union is incomplete and that the weaknesses need to be remedied. Germany helps the euro best by further strengthening its competitiveness and promoting growth.”

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Mario Draghi7

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