Quote:

German Foreign Minister Guido Westerwelle delivers an address on the "Future of Europe in a Globalized World." A former member of the German Bundestag, the foreign minister will reassure the Brookings Institution that the European Union can survive the Euro crisis currently challenging the foundations of the regional alliance.

http://www.c-span.org/Events/German-Offi....

Live on C-SPAN3: http://www.c-span.org/Live-Video/C-SPAN3....

And at 1:30 pm ET

Quote:

Secretary of State Hillary Clinton and her German counterpart speak with reporters in Washington following talks.

http://live.cnn.com/

Sorry Pelosi's on until it starts...

Hmmm, nothing yet. Sometimes delays are newsworthy.

Ooo delayed due to meetings at the Treasury Department. Brookings wonk says everything's all resolved as he will soon discuss and the markets can relax.

Meeting with Hillary at noon.

Says he had an "intensive, constructive" meeting with Geithner "and if it helps to relax the markets, then that's fine."

"The music is better than it sounds" "in this important and crucial time in the United States of America" "and around the globe."

Euro's exchange rate is as stable as the DM. Crisis would have been worse without a common currency.

"The state had to rescue an overleveraged... banking system while providing stimulus for the economy."

"The debt crisis morphed into a crisis of confidence."

What we are trying to achieve: Early and massive rescue operation, such as guarantee of Greek sovereign debt, would not have prevented the crisis. Consider the deeper origins of the crisis.

Firewall + long-tern fiscal responsibility

"Yes, we need short-term crisis management, but we should not adopt measures that would lay the ground for a bigger crisis down the road." "Our short-term measures will only be effective if we address the root causes at the same time."

"Solidarity with countries having liquidity problems is" an essential part of our effort.

ECB will do what it considers necessary and appropriate with its mandate. Not my role to give advice to ECB since it's independent.

"I am confident that most non-eurozone EU members will join us in this effort, and our door is still open to Great Britain."

"Can we really be sure that this is only a problem of the eurozone?" "Defies all the big bazooka remedies of policy makers and economists on both sides of the Atlantic and the island in between."

"Let us not overlook the different demographic realities of our societies." "Fewer and fewer taxpayers in the future." "By no means do I advocate austerity only."

"European integration... remains the only viable answer to the so-called German question."

And he evokes Hitler when he says it. But wasn't Hitler all about European integration?

He's breaking down talking about the 70s and the consequences of World War II. Weeeeeird.

"It is the answer to the darkest chapter in our history, and it is also our insurance in times of global insecurity."

"For us, this is not a technical question. It's a historical question for us."

"The German commitment to Europe and the eurozone is out of discussion. But it would be wrong to deny that there are different visions..."

"The re-nationalization in a time of globalization is a dangerous concept... crippling... would be foolish..."

"Our European model of shared sovereignty can be a model for a world in need of more order."

"Iran's behavior is unacceptable and a danger to world peace."

On the US and Europe: "To restore the legitimacy and viablity of our economic model... still unfinished business... we must work within the G-20 model" and make sure the IMF has what it needs. Otherwise, we face "a crisis of legitimacy" which would make it "difficult for us to promote our values and interests globally."

"It is imperative that the West, the cradle of freedom, stand together. Thank you so much for your attention."

Questions!