And, in the past, it has been all too easy for legislators to load costs onto business in order to meet broader social goals. And costs for business means costs for consumers.
But effective regulation at the European Union level can make a massive contribution to achieving our shared goals of improving competitiveness, jobs and growth.
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.
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.
For many Europeans the next decade looks to be filled with threats rather than opportunities.
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.
As Tony Blair has made clear, our fundamental challenge is how to make Europe work better.
The Civil Service is a vital economic asset to the UK – firstly, in the way it creates a framework for excellence in service delivery and secondly, in how it helps organise the best way to deliver modern public services on which both businesses and individuals depend.
This call for a new culture is not a new idea.
There is no such thing as free regulation.