Europe is difficult to coordinate, and our main deficit may not even lie in this area of finance and economics, but in foreign and security policy. We have a leadership problem because we are still 27 different members who have still not decided on how to work with each other based on what we used to call a European constitution.

Peer Steinbruck

Greece will not manage to get back on its feet without restructuring its debt. There is no way around it. The country's creditors will have to reduce a portion of its debts by extending maturity dates, lowering interest rates or giving them what's called a 'haircut' in financial jargon.

Peer Steinbruck

When I look at the chaotic and volatile debate right now, both in Germany and around the world, my impression and concern is that the daily barrage of proposals and political statements is making markets and consumers even more nervous. Still, Brussels is pressing for a joint European approach.

Peer Steinbruck

There are still deep-seated structural problems that threaten the economic balance in the world: Between the United States and China, for example, but also within Europe. We have taken a few steps toward taming the financial markets, but we haven't come nearly far enough to rule out a repetition of the crisis.

Peer Steinbruck

When I look at how the banking world has changed and at the role Chinese banks, for example, play today, Germany, as an export-oriented economy, should be pleased to have a major global player in its camp.

Peer Steinbruck