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I believe that we have to have a new regulatory regime for our financial system.

So another challenge for our generation is to create global institutions that reflect our ideas of fairness and responsibility, not the ideas that were the basis of the last stage of financial development over these recent years.

I don't want to drive the markets crazy. I don't want to create trouble, but rather order and rules and norms. We have to struggle against financial excesses, those who speculate with sovereign debt, those who develop financial products which have done so much harm.

What I'm asking for is a new economic order. I don't know how to construct that; I'm not an economist.

One cannot see any world leader who has got a grip on the financial markets these days. They're too big, too fast. I think that's quite scary.

Financial advice needs to change according to what is happening in the economy.

As we try to make the financial system safer, we must inevitably confront the problem of moral hazard.

We have a number of challenges ahead of us.

Our focus is on ensuring America has the strongest economy in the world for the next 100 years and to do that, we need to get to the role of the Federal Reserve and we need to get it right.

Let us not be defeated by the tyranny of the world financial markets that threaten peace and democracy everywhere.