A successful exit from the present troubles can only be found by fundamentally rethinking the relationship between markets and government, Tommaso Padoa-Schioppa, a former member of the executive board at the European Central Bank, on Sunday said.

A peaceful and mutually respected constitution between markets and the economy had still to be found, he said. "In the past century we have seen the high social costs incurred when politics subjugates the market, not only through the totally repressive