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.
At the heart of these challenges lies the question of how the institutions of the European Union make laws, the types of laws they pass and the effectiveness with which those laws are implemented on civil society and the economy.
We must seek to persuade member states and institutions that better regulation in Europe does not mean cutting health and safety in the workplace, nor does it mean dismantling social standards.
But let no one be under any doubt that the scale of the challenge that Europe faces in this emerging global economy is immense and the practical pace of our collective action to meet these challenge to date has just been too slow.
But effective regulation at the European Union level can make a massive contribution to achieving our shared goals of improving competitiveness, jobs and growth.
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.
So that we focus not on competing visions for Europe but on what Europe can do to improve economic growth, to give us a cleaner environment, to create more jobs, to make us more secure.
Our aim, during our Presidency in the next six months will be to lead this challenge, to show that Europe can function in a mature and responsible way, to start delivering tangible results that show we are taking people's concerns seriously.
For many Europeans the next decade looks to be filled with threats rather than opportunities.
Road testing the effects of regulation on European business must become second nature to the European Union.
Today, as a result, over 3 million jobs in the UK are linked, directly and indirectly, to the export of goods and services to the European Union.
The challenge to our national economies and the collective economy of Europe will become - with the growth of China and the continuing productivity growth of the US - even more intense in the decades to come.
But we can turn challenges into opportunities if we look outwards to the realities of the global economy and modernise our internal institutions in ways that will equip Europe to meet that challenge and create confidence amongst the public.