If we left the European Union, it would be a one-way ticket, not a return. So we will have time for a proper, reasoned debate. At the end of that debate you, the British people, will decide.

The British people have decided to leave. It is a sad decision but one which I respect. The vote puts the European Union in difficulties. It must recognise its shortfalls.

We have the character of an island nation: independent, forthright, passionate in defence of our sovereignty. We can no more change this British sensibility than we can drain the English Channel. And because of this sensibility, we come to the European Union with a frame of mind that is more practical than emotional.

It does not seem to me that the steps which would be needed to make Britain - and others - more comfortable in their relationship in the European Union are inherently so outlandish or unreasonable.

We don't want protectionism at the heart of the European Union.

I interpret your question as applying more to financial stability in the euro area than to the euro itself. I do not think there has been a crisis. The euro is the single currency of 330 million people and enjoys a high degree of confidence among investors and savers because it has delivered price stability remarkably well over the last 11½ years. What we had was a situation in which a number of countries had not respected the Stability and Growth Pact. These countries have now engaged in policies of fiscal retrenchment that were overdue. They have to implement vigorously these policies which are decisive for the preservation and consolidation of financial stability in Europe.