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 don't want protectionism at the heart of the European Union.

But effective regulation at the European Union level can make a massive contribution to achieving our shared goals of improving competitiveness, jobs and growth.

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.

There must be no question for us that we in the European Union and the eurozone stand by Greece in solidarity.

The European Union is the world's most successful invention for advancing peace.