In emerging markets, slow growth in the advanced economies has shut down a traditional development path: export-led growth. As a result, emerging markets have had to rely once again on domestic demand. This is always a difficult task, given the temptation to over-stimulate.

Strong government doesn't mean simply military power or an efficient intelligence apparatus. Instead, it should mean effective, fair administration - in other words, 'good governance.'

Politicians know that structural reforms - to increase competition, foster innovation, and drive institutional change - are the way to tackle structural impediments to growth. But they know that while the pain from reform is immediate, gains are typically delayed and their beneficiaries uncertain.

The idea was never for me to be a career bureaucrat or career technocrat; it was more about where I could implement ideas and reform programs.

I am not deeply involved in Australian politics but I know there are prime ministers, governments around the world who are not acting responsibly in relation to climate change.

In about a year's time, Elvis went from being very poor and living with his family in government housing in Memphis to all of a sudden being the biggest star in the world. Once fame hit, there was a lot of temptation and also a lot of stress.

The rule of law, democracy, freedom of speech, freedom of expression - we cannot take them for granted. They do not exist willy-nilly across the world; they are very rare.

Well, I think the president is going to do well in terms of his influence for positive change here in the Congress, making sure that we don't overspend, making sure that we spend for only those programs that are justified.