It's likely that the worst of the economic crisis is behind us.

Nearly every crisis seems to be the worst one, but after it’s over, it isn’t so bad.

I am pleased to see positive trends in all segments, in trade, investment, tourism and services (between Slovenia and Serbia). The current circumstances due to the energy crisis also open up new opportunities for investment in the renewables and energy.

The current situation, although difficult, is not the worst. There is a spirit of solidarity among the people.

Belying the prophecies of doom by many a self-styled Cassandra, the economy has emerged stronger as a result of adjustment effort mounted by us...; We have not cut subsidies. We have not cut wages. We have not compromised on planning... We have not faltered in our commitment to anti-poverty programmes... We have come out of it with our heads high.

We have seen better days.

With this unnecessary crisis resolved, new horizons emerge with a focus on shared challenges.

This much is certain, the <small>ERA OF REVOLUTION</small> has now <small>FAIRLY OPENED IN EUROPE</small> once more. And the general state of affairs is good.

In 1932 many dark clouds still hung round the horizon. In 1933, although the outlook was distinctly brighter, there was no settled feeling that we were about to enjoy a spell of fine weather. To-day the atmosphere is distinctly brighter. The events of the last 12 months have shown gratifying evidence that the efforts of His Majesty's Government are bearing fruit... If you look to what I might call the telltale statistics, the unemployment figures and statistics of such things as retail trade, consumption of electricity, transport, iron and steel production and house building, in every case you see a definite revival of activity... If I might borrow an illustration from the titles of two well-known works of fiction, I would say that we have now finished the story of Bleak House and that we are sitting down this afternoon to enjoy the first chapter of Great Expectations.

Out of near disaster, came real progress.

If you look over the course of my career, how the US has improved and other countries have improved, being an optimist, especially in financial markets, have proven to be a good outcome.

On the one hand we look at the progress since the war and see a huge increase in the material wellbeing in the vast majority of Europeans. But on the other we see policies that are pushing and keeping large sections of entire countries in increasingly desperate circumstances, with no apparent vision for how the circumstance might be overcome.

The shadow of crisis has passed, and the State of the Union is strong.

I know these are difficult times. I know folks are worried. But I also know that now is not the time for fear or panic. Now is the time for resolve and steady leadership. Because I know we can steer ourselves out of this crisis. This is a nation that has faced down war and depression; great challenges and great threats. We have seen always that mountaintop from the deepest valley. We have always risen to the moment when the moment was hard – and we can do it again. We can restore confidence in our economy and renew that fundamental belief – that here in America, our destiny is not written for us, but by us.