"My mother's brother was killed while clearing mines in 1945. Those are things that mark your childhood and they help explain why we are so devoted to European unity."

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So what is the role that credit default swaps can play in an economy? Well my feeling is that if these things actually will now be traded on either exchanges or some kind of central clearing, they are going to be a very good measure of the credit worthiness of different companies.

— Robert F. Engle