The U.K. outside of the European Union will end up being a mid-sized economy, somewhere in the middle of the Atlantic Ocean, in neither America nor Europe.

The U.K. is outward-looking, trade-oriented, growth-oriented, and we do not have enough of that storyline, that tradition, that culture within the European Union.

We need not to just kill the boat-smuggling business model: we also need to get rid of this asylum-shopping in the European Union.

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

The European Union will never see America, or an American president, as a risk.

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.