*  *  *  Sehr geehrter Herr Ministerpräsident, sehr geehrte Frau Oberbürgermeisterin, sehr geehrter Herr Professor Snower, dear laureates, meine Damen und Herren, It is my pleasure to be here today in Kiel and warmly congratulate Gro Harlem Brundtland, Joseph Stiglitz and Mohammed Ibrahim for winning the 2013 Global Economy prize.
This relatively low level of debt provided the nation much-needed flexibility to meet the  7  See Carpenter, Seth B., Jane E. Ihrig, Elizabeth C. Klee, Daniel W. Quinn, and Alexander H. Boote (2013), “The Federal Reserve's Balance Sheet and Earnings: A Primer and Projections (PDF),” Finance and Economics Discussion Series 2013-01 (Washington: Federal Reserve Board, January).