"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."
Paul Volcker

January 1, 1970

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Added on April 10, 2026
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Original Language: English

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