Yet in order to make sure the European social model keeps up with the pace of economic change that is now necessary, the EU must embrace a new approach to lawmaking.
Here in the UK the government has decided to accept the recommendations of the Better Regulation Task Force to measure and make targeted reductions in the administrative costs - the red tape costs - that regulations impose on business.
Many governments have said they are concerned about the burden of form-filling and inspection on business - but we are the first to face up to the challenge by pledging to properly measure the scale of the problem and then set meaningful targets to reduce it,
Our objective must therefore be to ensure EU better regulation contributes towards delivering a modern European Union which relentlessly focuses on building a dynamic and innovative economy equipped to meet the challenges of the 21st century.
It is also right that we continue to consult with front line workers and the public to ensure that targets are reasonable and achievable, that measurement regimes are proportionate and that the targets take full account of the other reforms that are under way.