Internal protectionism in Europe would be deadly, really a disaster for European economies.

Germany is the biggest economy of Europe and we need Germany on board for the economic reforms of Europe, including, of course, the deepening of the internal market, resisting protectionism, and supporting further economic policy coordination.

By the way, the European Union Member States together - even the euro area Member States together - are by far the biggest contributors to the IMF.

We need open, competitive, market economies... but at the same time with effective regulation and supervision.

We don't want a mediocre, defensive Europe that tries to bury its head in the sand to avoid the realities of the 21st century.

In the age of globalisation, pooled sovereignty means more power, not less.