I start from the premise that the underlying pres­sures toward integration and interdependence are growing stronger, not weaker. We cannot reverse or… - Paul Volcker

The happy days of Bretton Woods, often viewed today with nostalgia, were a special case, workable because of a particular economic and political setting… the inherent contradictions in the system were too great. With the benefit of hindsight, it would seem that an erosion of the United States competitive position was implicit in the postwar arrangements.

Productivity growth in this country has actually been negative in a recent period. And, we have had higher oil prices; of course…. Under those conditions, the standard of living of the average American has declined.

We live in a world in which individuals and busi­nessmen… they want to do so unencumbered by national boundaries. At the same time, modern democracies, at least as much as other forms of government, long for autonomy; they want to control their own destinies in ways responsive to the needs of an electorate often concerned less with na­tional than with local or sectorial interests. Yet, theory and experience indicate we can’t have it both ways, full integration and full autonomy.