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.
But effective regulation at the European Union level can make a massive contribution to achieving our shared goals of improving competitiveness, jobs and growth.
For many Europeans the next decade looks to be filled with threats rather than opportunities.
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.
Road testing the effects of regulation on European business must become second nature to the European Union.
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.
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.