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.

When you raise a child, you don't sit down and take all the rules of life, write them into a big catalog, and start reading the child all these individual rules from A to Z. When we raise a child, a lot of what we do is let the child experiment and guide the experimentation. The child basically has to process his own data and learn from experience.

I came when I was in high school as part of a student exchange program with the Jewish Community Center in New Jersey, to Ramat Eliyahu. You come and volunteer for five weeks at a day camp. I was a teenager - I couldn't really appreciate it as much, and now I come back as an adult and I can really get the flavor of the city, and I love it.

If you can make finance more functional, make it a tiny percent better, you create a great deal of resources, which you can use for other things like education and healthcare.

The time I have already spent at Harvard has been a stimulating experience, and I look forward to developing my relationship and activities with the students, faculty and friends of the Harvard Business School community.